Heineken drops as brewer cuts forecast on waning consumption | Bloomberg News

Heineken NV shares plunged after the Dutch brewer cut its earnings forecast on weakening consumption following double-digit price increases. Know more:

Lids sit on green Heineken beer bottles moving along a conveyor at the Heineken NV brewery in Zoeterwoude, Netherlands, May 30, 2018.Heineken NV shares plunged after the Dutch brewer cut its earnings forecast on weakening consumption following double-digit price increases.

“The start of the year was all about passing on the inflation on our input costs,” Chief Executive Officer Dolf van den Brink said in an interview. “We front-loaded our pricing. We ran into a pretty strong economic slowdown in the key market of Vietnam, which is disproportionately important to us.” The Dutch brewer forecast cost inflation to ease next year, which will reduce pressure to raise prices. Previously the guidance was for mid- to high-single digit earnings growth.

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