|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||78.42 - 80.12|
|52 Week Range||68.82 - 105.00|
|Beta (5Y Monthly)||0.72|
|PE Ratio (TTM)||20.81|
|Earnings Date||Aug 03, 2020|
|Forward Dividend & Yield||1.68 (2.11%)|
|Ex-Dividend Date||Apr 27, 2020|
|1y Target Est||92.35|
Beer maker Heineken N.V. (OTCQX: HEINY) is experiencing a "tale of two stories," as off-premise sales are rising at a double-digit rate, but the on-premise business that represents around 35% to 40% of total sales is "highly impacted" by the COVID-19 pandemic, Heineken CEO Dolf van den Brink said on CNBC's "Squawk Box Europe."What Happened: The beer company reported Monday with financial results for the first half of the year.Organic net revenue growth was down 16.4% over the same period last year, consolidated beer volume was down 11.5% and Heineken volume was down 2.5%.Heineken expects its performance over the near-term to be akin to "one step forwards, two steps backward," van den Brink said during the CNBC interview. For example, the beer business showed a rebound in sales in June, only to be followed up with new lockdown measures in key markets like South Africa and Mexico, the CEO said. Heineken is seeing strong growth on the premium side of its portfolio, with the flagship Heineken brand performing "particularly well," he said.This is consistent with a broader theme that brands that are more trustworthy are performing better than less trusted ones, van den Brink said. The alcohol-free beer Heineken "0.0" also saw growth in every region it's available in, the CEO said. "We will be really leaning into the parts of our portfolio and our channels where we see continued momentum." Why It's Important: Heineken did all it can to get its product to the consumer, including through an online channel, he said.The company leveraged its European e-commerce platform, Beerwulf, in the quarter to great success, van den Brink said.The business-to-consumer platform boasted more than 3 million visitors in the first half of the year and sales of its home draught systems more than doubled during the COVID-19 lockdowns, the CEO said. What's Next: Heineken withdrew its full-year outlook in April and continues to see a volatile and uncertain environment ahead.Related Links:Sam Adams, Truly Hard Seltzer Owner Boston Beer Rallies On Q2 BeatConstellation Brands CEO Talks New Corona Hard Seltzer, 'Pretty Good' Q1See more from Benzinga * Microsoft's Interest In Buying TikTok Is A 'Deal Of A Decade Opportunity' * Benzinga Boot Camp: Options Guru Nic Chahine On How To Boost Your Portfolio * 'Hollywood Ending': Dwayne 'The Rock' Johnson Will Be New XFL Co-Owner In M Deal(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The brewer said total beer sales dropped by 19.4% in the three months to June 30 compared with the same period a year earlier, despite signs of a gradual recovery in June.
Heineken saw a gradual recovery in its business after global COVID-19 lockdowns in April, but uncertainty over the future impact of the pandemic left it unable to give a forecast for the rest of the year. The world's second-largest brewer said it took a more cautious view than sector leader Anheuser-Busch InBev, which said it had been encouraged by the global recovery in beer demand in June. New Heineken Chief Executive Dolf van den Brink said business had improved to June, but this was partly due to restocking, particularly in territories such as Mexico, its largest market, where brewing was forced to halt in April and May.