Heineken's Sales Recover in June After COVID-19 Slump
Heineken, the world's second-largest brewer, has experienced a challenging start to 2020 due to the COVID-19 pandemic. Sales began to recover in June after a decline in the previous two months. The company's full-year results are expected in early August.
The pandemic's impact was significant, with a turnover drop of over 16% in the first half of the year. Heineken reported losses of €850 million, including a €550 million write-off and a €300 million loss. Bar closures and reduced exports were the primary causes.
Heineken's CEO, Dolf van den Brink, is leading the company through these challenges. He aims to unlock growth opportunities through acquisitions, such as FIFCO's beverage and retail businesses. The focus is on premiumization and expanding key markets, particularly in the Americas. Prior leadership under Marc Busain doubled revenues and profits in these regions. Specific cost-cutting measures have not been detailed, but the company has announced plans to stay lean during these difficult times.
Heineken's sales showed signs of recovery in June, but the first half of the year brought significant losses due to the pandemic. The company's full-year results are expected in early August. CEO Dolf van den Brink is steering the company towards growth opportunities and cost reduction measures to navigate the current challenges.
