The report notes that there was a significant misalignment between domestic sales volumes (sales to retailers) and external sales volumes (sales to end consumers); however, Heineken will perform better over the course of the next quarter. Heineken's results were affected by a slower-than-expected economic environment, which ultimately also impacted the beer market. According to data from the IBGE (Brazil's Institute of Geography and Geography), alcoholic beverage production showed a year-over-year decrease of 1.5% between January and February.
