Heineken looks to be using the bad weather angle (alongside depressed consumer confidence) on a drop in sales. Miller said the same thing. Globe and Mail reported Heineken’s take on earnings & sales:
Heineken blamed poor weather and depressed consumer confidence for its bad showing. The problem is that these types of excuses — impossible to prove or disprove — have become too common across the industry. Investors may think the sector deserves another de-rating. The last one came with the financial crisis. Beverage groups’ shares moved from trading at between 18 and 22 times expected earnings to the current 9 to 15 times — a drop more than half as steep again as the S&P 500.
Heineken, alongside SABMiller, A-B, & Carlsberg make up close to half of global beer sales. [Globe&Mail]