Carlsberg shares drop on bleak China outlook
Shares at lowest level since March 2022
CEO cites tough market, 5 decline in China
Despite weak Q2 sales, Carlsberg raises FY profit growth outlook

COPENHAGEN, Aug 14 Reuters Carlsberg gave a gloomy outlook for the Chinese market where beer drinkers are increasingly opting out of the most expensive brands, prompting its shares to hit their lowest level since March 2022.

There39;s no doubt that the Chinese market is tough. It declined 5 in the first half of the year, and we don39;t see that improving in the second half, CEO Jacob AarupAndersen said on a call with journalists.

The company, which generates around onefifth of its sales in China, said volumes grew 3 in that market in the first six months of the year. Carlsberg has 26 breweries and is the fourthlargest beer company in China with a 9 market share.

We39;re still performing solidly in China. But within premium we39;re seeing highend premium consumers migrating down to more affordable premium brands, he said.

Bigger stock levels across the industry and weak consumer sentiment means that we are cautious going into the second half, he added.

Carlsberg39;s shares were trading 3.9 lower at 0937 GMT to their lowest level since March 15, 2022. Shares have fallen 18 since June 21 when it announced an offer for a takeover of British soft drinks maker Britvic.

Carlsberg lifted its fullyear operating profit growth outlook late on Tuesday, despite reporting…