Molson Coors reported weaker sales for the last quarter ended September, 30. Net sales fell 6.9% to $947.6 million from $1.02-billion with worldwide beer volume in the group down 3.8%. Inroad of craft beers into the market of traditional beers and lower consumption in Canada and Europe caused sales to decline. However profit rose to $202.5 million from $16.6 million a year ago, mainly due to impairment charges of $275-million for certain European brands in the last year’s period.
MillerCoors, the U.S. American unit of Molson Coors, reported a marginal rise in net sales to $2billion and a rise in core profit by 9.6% to $377.5 million due to higher net pricing, a positive sales mix and lower cost of goods sold.
Molson Coors completed in October its transaction to buy the remaining 58% in MillerCoors from SABMiller. The combined figures are therefore not yet included in last quarter’s results which ended in September.
Molson Coors was formed in 2005 by the merger of two of the oldest and most prestigious family owned brewing companies in North America., Molson of Canada, and Coors of the United States. With the acquisition of AB InBev’s former East European brewing activities it became one of the largest brewing companies in the world. Since June 3, 2015. Geoff Molson, seventh-generation successor in the Canadian brewing dynasty, assumes the role of chairman in the company. He succeeded Pete Coors, great-grandson of American brewery founder Adolph Coors who holds now the office of vice chairman, in a planned transition consistent with the company's by-laws.