Johannesburg – SABMiller [JSE:SAB]
and Molson Coors Brewing have reported MillerCoors’ second quarter
underlying net income rose 9.1% to $436m versus prior year‚ driven
by positive pricing‚ favourable brand mix and cost management.
Total net sales increased 4.3% to
$2.224bn. Domestic net revenue per barrel‚ excluding contract
brewing and company-owned distributor sales‚ increased 3.6%‚
while total cost of goods sold (COGS) per barrel increased 2.5%.
MillerCoors domestic sales-to-retailers
(STRs) were down 1.4% - a slight improvement versus the first quarter
trend as the U.S. economic environment remained challenging and
unemployment among the company’s key consumer demographics
worsened. Domestic sales-to- wholesalers (STWs) increased 0.3%.
"As our major summer marketing
programs kicked off during the second quarter‚ we saw sequential
improvement in retail sales on our premium light brands‚
highlighted by the strong growth of Coors Light‚" said
MillerCoors Chief Executive Tom Long.
"We also delivered double digit
growth from Tenth and Blake as we scale brands like Blue Moon and
Leinenkugel´s Summer Shandy to meet changing consumer tastes.
Positive brand mix shifts, combined with our continued attention to
cost control and sharp revenue management, were key to delivering
another profitable quarter. We continue to make progress against our
strategy of strengthening our core business‚ while evolving our
portfolio to match consumer demand‚" Long added.
In the second quarter‚ $32m of cost
savings were achieved versus prior year‚ primarily within the
integrated supply chain.
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