Shubham Jaiswal (firstname.lastname@example.org)
Carlsberg A/S reported its first decline in is quarterly sales in two years as lock downs led to a slump in demand in China, where the Danish company has become one of the most prominent beers makers in recent years.
Revenue in the first quarter fell 7.4% on an organic basis, reaching 12.9 billion kroner ($1.9 billion). Analysts expected 12.8 billion. Carlsberg warned second-quarter volumes will decline further.
After years of frugality under Chief Executive Officer Cees ’t Hart, who had intended to invest a portion of the savings into marketing initiatives, Carlsberg is back to cutting costs. Asia had become one of the CEO’s key markets for growth, but the impact of the corona virus has clouded the company’s future in the region. Earlier, this month, the company abandoned its financial targets for the year.