COPENHAGEN, Reuters – Danish brewer Carlsberg reported Thursday that first quarter sales excluding Russia were up 27% over the previous year. This is because post-pandemic customers started drinking more expensive beer due to limited effects from war in Ukraine.

Cees ‘t Hart stated that “The group had a good start to this year, despite Western Europe having easy comparables because of the extensive lockdowns in the last year.”

He said, “Looking at the business performance of the quarter, we saw only limited effects from the war.”

Carlsberg and its competitors Anheuser-Busch InBev, Heineken (OTC) joined the Russian exodus as Moscow is under pressure to stop its invasion of Ukraine.

Carlsberg stated that the sale of Russia’s business could take as long as 12 months. It generated 10% last year of total revenue.

Hart stated that Hart will make sure there is an orderly process for divestment, and added that Russia operations will be continued “to support the existence of 8,400 Russian workers”

According to the world’s third largest brewer, sales for the quarter were 14.9 billion Danish crowns ($2.10 trillion), up from 11.8 billion crowns one year ago. These numbers do not reflect sales in Russia where the company has made a decision to exit its business.

Carlsberg’s full-year operating profit guidance remained the same with an unchanged forecast of minus 5% to plus 2%.

($1 = 7.0788 Danish crowns)