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News
Weak US demand hits MillerCoors
Stuttering consumer demand for beer in the US led to MillerCoors posting a sales decline of 1% on the year in the first quarter of 2010.
The joint brewing venture between SABMiller and Molson Coors said net sales fell to US$1.7 billion for the three months to the end of March, down from $1.71bn in Q1 2009.
The group saw beer volume sales slip 4% while operating profits fell to $212.5 million from $213.8m amid increasing raw material costs.
Net profits, however, jumped to $208.6m from £206m the previous year, thanks to cost savings together with synergies from the combination of SABMiller and Molson Coors units.
The company said it is on track to deliver $750m in total synergies and other cost savings by the end of 2012, having achieved $53m in synergies and $7m in other cost savings in Q1.
MillerCoors CEO Leo Kiely said: “As we continue to deal with economic and competitive pressures, we remain focused on building our brands and managing costs."
Alan Lodge, 05.05.2010