Carlsberg: Q2 disappointing, but target raised for 2024

(CercleFinance.com) - On Wednesday Danish brewer Carlsberg raised its operating profit target for 2024, despite weaker-than-expected Q2 sales.


Carlsberg now expects organic operating profit to rise by 4% to 6% this year, compared with a previous forecast of between 1% and 5%.

Q2 operating profit rose 1% to 6.34bn DKK as reported, below the consensus target of 6.47bn DKK.

On an organic basis, OP rose 4.7%.

Sales rose by 2.6% to 38.77bn DKK, again missing the 39.28bn DKK expected by analysts.

Organic growth came in at 3.9%.

Carlsberg attributed this below-expectation performance to unfavourable weather conditions and a deterioration in consumer sentiment in certain Asian countries.

Its shares were fairly flat (+0.4%) on Wednesday morning on the Copenhagen Stock Exchange, although are still down -1.8% YTD, albeit better than the 5% annual decline of the pan-European STOXX Europe 600 Food & Beverage sector index.


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