AB InBev, Pernod cut outlooks as virus hobbles drinks makers
Bars and restaurants have been ordered to shut in many countries, leading to a sharp drop in liquor sales
24 March 2020 - 18:38
London — AB InBev withdrew its earnings outlook for 2020 and Pernod Ricard forecast a 20% drop in profit as the coronavirus pandemic eliminates most of the revenue that drinks makers get from bars and restaurants.
AB InBev abandoned its target that earnings growth could reach 5%, the world’s largest brewer said on Tuesday. Pernod now expects the steepest earnings decline in years. Businesses big and small have been hit by the outbreak, which has upended lives and social norms across the globe...
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