Tonic maker Fevertree cuts revenue forecast as wet weather dampens sales (updated)
12/09/2024 07:59
(Adds context to market performance in paragraphs 2-3, analyst
consensus in paragraph 5)
Sept 12 (Reuters) - Fevertree Drinks FEVR.L cut its
annual revenue growth forecast on Thursday as unexpected wet
weather at the start of its key summer season dampened sales for
the British beverage maker.
An unusually cool and wet weather in Britain weighed on
spirits and fewer people stepped out at the start of summer,
hurting sales and demand for everything from clothes to
cocktails.
Weak sales in restaurants and pubs have also contributed
to the lacklustre first-half performance, Fevertree said.
Fevertree, which makes premium tonic waters and cocktail
mixers, now expects revenue growth of about 4%-5% for the full
year, lower than the 10% initially projected in March.
Analysts, on average, were expecting revenue growth of about
7%, according to a company-compiled consensus.
(Reporting by Yamini Kalia in Bengaluru; Editing by Sherry
Jacob-Phillips)
((Yamini.Kalia@thomsonreuters.com;))