Danish brewer Carlsberg (OTC:CABGY) on Tuesday forecast organic operating profit growth in 2023 below last year’s level as higher beer prices are expected to dent consumption. The world’s third-biggest brewer expects organic operating profit this year to change by between minus 5% and plus 5%, compared with 12% growth last year. “2023 will be another challenging year,” Chief Executive Cees ‘t Hart said in a statement. “While beer historically has been a resilient consumer category, the higher prices in combination with generally high inflation may have a negative impact on beer consumption in some of our markets, particularly in Europe,” he said. Carlsberg said sales in the fourth quarter rose 6% from a year earlier to 14.6 billion Danish crowns ($2.11 billion), against 14.7 billion crowns estimated by analysts in a poll provided by the company.
Oil Cools After 3-Day Rally Amid Fed Uncertainty, U.S. inventory Build
Oil prices were muted on Thursday as hawkish comments from Federal Reserve officials supported the dollar and brewed some concerns over more interest rate hikes, while U.S. crude inventories also logged a seventh straight week of builds. Hawkish overnight comments from Federal Reserve officials saw markets reassessing their outlook for […]
