Heineken NV lowered its earnings guidance as consumers bought less beer after the brewer imposed major price increases, especially in markets like Vietnam.
The Amsterdam-based brewer forecast stable to mid-single digit growth in adjusted operating profit this year. Revenue rose 6.3% on an organic basis in the first half, Heineken said Monday. Analysts expected an increase of 9.4%.
Previously Heineken had a forecast of mid- to high-single digit annual operating profit growth.
Beer volumes dropped 5.6% on an organic basis. Analysts expected a 3.2% decline. Last year, the company increased pricing by the most in at least a decade.
