Heineken sales disappoint

Heineken, the world's third- biggest brewer, reported full-year sales growth that missed analysts' estimates as demand for beer in Europe stumbled.

Sales rose 3.9 per cent, excluding acquisitions and currency swings, missing estimates of a 4.4 per cent advance.

Earnings before interest and tax, excluding some items, rose to €2.9 billion from €2.7 billion a year earlier, the maker of Amstel and Strongbow cider said in a statement.

That exceeded the median estimate of 10 analysts for profit of €2.85 billion.

Heineken is expanding in emerging markets to help offset stumbling demand in western Europe, its biggest region.

The Amsterdam-based brewer paid S$5.6 billion (€3.7 billion) last year to buy control of its joint venture in Asia Pacific to expand in countries including Vietnam and take advantage of faster sales growth and this month said its Finnish unit was under strategic review.

"We managed a challenging market environment in Europe by continuing to invest in brands and deepening our relationships with customers," chief executive officer Jean-Francois van Boxmeer said in the statement.

Bloomberg