Molson Coors Brewing Co. reports net sales in the second quarter fell 4.4% to $2.95 billion, volume fell 7% and profit plunged 22.3%.
You can’t put lipstick on that pig, although CEO Mark Hunter tried, blaming “unfavorable weather and weak industry demand across our major geographies.” He said the No. 2 global brewer “executed our plans for brand investment to drive accelerated premiumization and innovation across our businesses.
“We delivered strong constant currency net sales per hectoliter growth of 3.7%,” he added, a result of selling less but at a higher price. Share trends improved in the U.S. and were stable in Europe, he said. Miller Lite and Coors Light each gained segment share, he added.
“We remain resolute on the ambition to improve our top-line through increased investments in our brands, premiumization and innovation initiatives,” he said, vowing to continue the strategy that brought the company significant declines.
And it will toss a Hail Mary pass in Canada later this year, launching its Truss cannabis-infused non-alcoholic beverage portfolio.
If the U.S. was a bright spot, it was only a matter of degree. Net sales in the U.S. declined 2.9% driven by a 4.8% decline in shipments. Sales to wholesalers, excluding contract brewing, fell 6.7%.