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Brewer warns of tough times
Source: Agencies |
November 18, 2011, Friday
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Print Edition
Print Edition
BREWER SABMiller has complained of tough trading in Europe and North America and has warned conditions will stay difficult in the short term as hard-pressed consumers in mature markets economize on their favorite tipples.
The world's second-largest brewer, and maker of Miller Lite, Peroni and Grolsch, narrowly missed forecasts with an 11 percent rise in half-year earnings, helped by its strong presence in emerging markets, where rising sales are offsetting weakness elsewhere.
Chief Executive Graham Mackay warned that faltering economies and shaky consumer confidence were hitting beer drinking in Europe and the US, where consumers are facing high unemployment and poor economic growth prospects.
He said: "It is a two-speed situation 鈥 with emerging markets powering ahead, while we do not see Europe and the US staying in the doldrums for ever."
The company earns over 80 percent of its profit from emerging markets, but earnings fell in both Europe and North America.
Mackay said the problem in the US is one of unemployment, but there were signs of drinkers moving to premium-price beers, while the crisis in Europe - where the group operates largely in the east rather than the eurozone - was one of bank debt and lack of consumer confidence.
The world's second-largest brewer, and maker of Miller Lite, Peroni and Grolsch, narrowly missed forecasts with an 11 percent rise in half-year earnings, helped by its strong presence in emerging markets, where rising sales are offsetting weakness elsewhere.
Chief Executive Graham Mackay warned that faltering economies and shaky consumer confidence were hitting beer drinking in Europe and the US, where consumers are facing high unemployment and poor economic growth prospects.
He said: "It is a two-speed situation 鈥 with emerging markets powering ahead, while we do not see Europe and the US staying in the doldrums for ever."
The company earns over 80 percent of its profit from emerging markets, but earnings fell in both Europe and North America.
Mackay said the problem in the US is one of unemployment, but there were signs of drinkers moving to premium-price beers, while the crisis in Europe - where the group operates largely in the east rather than the eurozone - was one of bank debt and lack of consumer confidence.
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