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Oct. 22, 2014, 4:01 a.m. EDT

Heineken profit drops 4.8% as European sales fall

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By MarketWatch









AMSTERDAM-- Heineken NV said third quarter profit fell 4.8%, with lower sales in Europe offset by growth in emerging markets.

Net profit for the third quarter came in at EUR460 million, compared with EUR483 million in the same period a year earlier.

Revenue fell 1.5% to EUR5.1 billion, from EUR5.18 billion in the third quarter of 2013. When stripping out the effect of divestitures and currency effects, revenue was up 0.2%.

However, sales and volumes in Europe fell, with Heineken blaming unseasonably wet weather conditions. Other regions continued to grow.

"Amid a volatile global environment and poor weather during the high selling season in Europe, we maintained top-line growth," Chief Executive Officer Jean-François van Boxmeer said.

The Dutch brewer reiterated its expectations for the full year. The company expects to grow margins in 2014 above the medium-term target level of 40 basis points a year.

Write to Robin van Daalen at Robin.VanDaalen@wsj.com

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