Dutch brewing giant Heineken reported a steeper than expected decline in third-quarter beer sales on Wednesday after COVID-19 restrictions cut volumes in Vietnam, one of its top three markets, by more than half.
Dutch brewing giant Heineken reported a steeper than expected decline in third-quarter beer sales on Wednesday after COVID-19 restrictions cut volumes in Vietnam, one of its top three markets, by more than half.
By Reuters Staff
1 Min Read
Cartons containing Heineken brand beers are seen at Kirin Brewery Co. Yokohama Factory in Yokohama, south of Tokyo, Japan June 11, 2019.
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BRINKMANSHIP. The pandemic has sharpened new Heineken Chief Executive Dolf van den Brink’s focus on cost. On Wednesday, he committed to finding 2 billion euros of cost savings. His shakeup will cut 8,000 jobs – around a tenth of the workforce. The hope is that it will boost the brewer’s operating margin to 17% by 2023 from 12.3% in 2020 when bar and restaurant closures hampered profitability.