Danish brewer Carlsberg says sales dropped 6 percent in the fourth quarter to 24 billion kroner ($3.5 billion), but that 2016 as a whole had been "a good year."
Annual sales fell to 116.9 billion kroner from 120.3 billion kroner in 2015. The group didn't publish net income figures.
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CEO Cees 't Hart said Wednesday that the Copenhagen-based brewer was "satisfied" with its performance, adding Carlsberg was expecting to deliver mid-single-digit organic operating profit growth in 2017 and a further reduction in financial leverage.
Carlsberg shares dropped 2.4 percent in midday trading in Copenhagen to 615.5 kroner.