Carlsberg: loses fizz, even as 2024 forecasts maintained

(CercleFinance.com) - Carlsberg maintains its forecasts for FY 2024, which the market deems cautious, after a better-than-expected Q1.


The Danish brewer reports a "solid" start to the year, with 2% organic growth in sales volumes, driven mainly by business in Asia (+3.1%).

In terms of brands, Tuborg's sales volumes rose by 8% over the quarter, Carlsberg's by 15%, and Grimbergen's by 6%.

However, 1664 Blanc (0%), Brooklyn (-1%) and Somersby (-4%), a popular cider in Denmark, disappointed.

The group adds that organic sales growth amounted to 6.4% over Q1, compared with only +4.8% expected by the market.

In view of this better-than-expected performance, investors were disappointed by the absence of any hike to annual targets, with the group still aiming for organic sales growth of 1% to 5% this year, which some analysts consider to be "conservative".

As a result, the share price lost its fizz, down 0.3% on Tuesday in Copenhagen.


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