Royal Unibrew has said it expects full-year earnings to hit the top end of its guidance range after a better-than-expected first quarter of 2010.
Net sales for the three months to the end of March reached DKK782m (US$138.5m), up 2% on the same period of 2009, Royal Unibrew said this week. Beer sales by volume were broadly flat agains the prior year.
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The brewer cut net losses for the quarter to DKK18m versus DKK34.5m a year earlier. It also swung to operating profits of DKK10m, compared to losses of DKK28m in the previous year’s quarter.
The group said that it now expects full-year earnings to be at the top of its guidance range of between DKK205 and DKK255m.
“Consumers continue to show restraint, and the markets are volatile and characterised by keen competition,” said Royal Unibrew’s CEO, Henrik Brandt.
“The improved financial performance is not least due to the significant measures taken in 2009 to optimise Royal Unibrew now really gathering momentum,” said Brandt. “In Q1 we launched several new, interesting products; we will continue to do so throughout 2010, and we will also continue optimising our business in general.”
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By GlobalDataRoyal Unibrew last year sold off stakes in two Caribbean breweries and also its Koszalin brewery in Poland, as part of a restructuring programme.
