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.
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.