Chief executive Jean-François van Boxmeer, having previously said he expected this year’s profits to be “broadly in line” with last year’s, now predicts a fall “in low single digits”.
Heineken shares fell €2.36 to €50.45 with one broker describing the profit miss as “certainly disappointing”.
While group beer volumes were up 5%, the 8% fall in central and eastern Europe came as a shock. The brewer, which sponsors rugby union’s Heineken Cup, pictured, blamed duty rises in Russia, continued economic woes in Greece and poor weather in Romania for the fall.
Heineken, which also owns Sol, Tiger and Strongbow, saw smaller drops in volumes in Africa and the Americas.
Western Europe volumes rose 1% with the UK, Netherlands and France leading the way.
Van Boxmeer said the brewer was reacting to the falling sales: “We are accelerating efforts to drive improved efficiencies, particularly in Europe.”
