HUSA Q1 Depletions Down a Low-Single-Digit, But Silver, Chelada Show Promise

Dear Client: Heineken global saw an ”encouraging start to 2024,” as all regions grew volume and net revenue, and “we continued to see a sequential improvement in the performance of the business,” said chief Dolf Van Den Brink in the company’s Q1 update. Note that the quarter was admittedly “boosted” by an earlier Easter, and “cycling negative one-off effects from last year.” Beer volume increased 4.7% organically with growth in all regions. However, in the U.S., net revenue declined by