Molson Coors faces softer UK market and weaker sales
Molson Coors, the Canadian brewer whose UK portfolio includes Carling, Madrí Excepcional and Staropramen, reported group net sales for the third quarter of $2.93 billion (£1.55 billion), down 1.6% on the year. Underlying pre-tax profit declined 17.4% on a constant currency basis to $349 million (£185.2 million). Figures are presented in US dollars, with pounds sterling also shown. In the company’s EMEA & APAC division, the UK was a key drag on trading, with net sales in the region down 2.7% to $701.4 million and brand volumes down 3.8%. The firm said lower volumes were driven primarily by weaker UK demand and a more competitive market environment, while financial volumes in the region were down 3%. Revenue in the region was partly supported by premiumisation and a favourable product mix, suggesting some pricing and portfolio strength offset declines. Rahul Goyal, president and chief executive, said trading conditions had become more challenging as the year progressed. Source: The Morning Advertiser
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