Shares in the maker of Budweiser, Stella and Beck’s fell over one per cent in Belgium yesterday after it missed first-quarter profit forecasts and said Brazilian sales volumes were likely to be flat or down by a low-single-digit percentage this year. It had previously forecast low-to-mid single digit growth in Brazil.
AB InBev said it sold 4.1 per cent less beer and other drinks in the first three months compared with last year on a like-for-like basis. It also reported declines in every region except Asia, where China was exceptionally strong.
Core profit rose 0.9 per cent to $3.43bn (£2.2bn), but was below even the lowest forecast in a poll of 12 brokers, for which the average expectation was $3.58bn.
In the US tax and petrol price rises and a harsher winter than in 2012 resulted in a 4.1 per cent decline in sales to retailers and a squeeze of margins.