AUS: Coopers outperforms beer market but FY profits dip
- Net profits for year to end of June slip by 2% to AUD23m
- Net sales drop by 3.5% to AUD173m
- Volumes hit record, indicating market share gains
Coopers sees sales, profits fall but outperforms market
Australian craft brewer Coopers has reported record production of 62.9m litres for the 12 months to the end of June, compared to 62m litres in the prior fiscal year.
The was achieved despite an overall decline of 6.6% in Australian beer sales by volume, indicating Coopers increased market share against the dominant players, Foster's Group and Lion Nathan. However, widespread discounting in the market meant Coopers' net sales fell by 3.5% to AUD173m (US$175.7m), while net profits slipped by 2% to AUD23m.
Coopers MD Tim Cooper said the company is "holding our own in volume terms in a declining market". Since the end of June, sales volumes have dipped by 0.5% on the same period of last year, but Cooper said December sales have been strong. "Consumers are just a bit wary at the moment, and we're continuing to see that," he said.
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