On Tuesday Carlsberg, the world's fourth-largest brewer, reported a sharper-than-expected organic decline in business in Q1, causing its shares to fall on the Copenhagen stock exchange.

Thanks to the acquisition of Britvic, the group's revenue climbed 17.4% to 20.1 billion DKK in Q1.

However, on an organic basis, the owner of brands such as Tuborg, 1664 and Brooklyn posted a 1.5% decline in sales over the quarter, while the consensus was expecting a decline of just 0.1%.

"It's been a slow start to the year," acknowledged CEO Jacob Aarup-Andersen, citing not only the loss of the San Miguel brand in the United Kingdom, but also continued sluggish consumption and increased economic volatility.

In a reaction note, RBC analysts described the quarter as "not great," but said it was "nothing disastrous," pointing out that the first three months of the year are traditionally a quiet period for business.

The brewer also confirmed its forecast of organic growth of between 1% and 5% this year.

At 11:45am, Carlsberg B shares were down just over 1%, while the STOXX Europe 600 Food & Beverage sector index was up 0.6%.


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