Carlsberg raises FY forecast after strong Q3 | Progresiv

Carlsberg has raised its full-year profit forecast after reporting strong growth for its fiscal third quarter, helped by improved results in the key Russian market. Overall sales declined slightly to 17.5 crowns (2.35 euros), as a 16% increase in LFL sales across Eastern Europe was offset by declines in Western Europe and Asia. The company attributed the rise to better weather and more competitive pricing in Russia, which resulted in it winning market share.

CEO Cees ‘t Hart noted: “A combination of factors, including an easy comparison quarter, a more professional approach to the key accounts, and a better pricing of our different brands, has led to an improvement in our market share”.

For the full year, the group now expects operating profit to grow by 5% on a comparable basis, up from its previous forecast of low single-digit growth. It also expects currency fluctuations to have a negative impact of 550 million crowns (74 million euros), down from an earlier forecast of a 600 million crowns (80.6 million euros) hit. (www.kamcity.com)