US: Cost controls boost MillerCoors H1 profits
MillerCoors fails to halt beer sales decline
MillerCoors' net profits reached US$599.8m for the six months to the end of June, versus $510.9m in the first half of 2009, excluding one-off gains and charges.
Cost controls and savings across the business drove the rise in profits as consumer demand for the firm's beer continued to fall.
Volume sales fell by more than 1m barrels to 34.2m, while net sales slipped to $3.83bn against $3.85bn last year, MillerCoors said today (3 August).
MillerCoors CEO Leo Kiely remained upbeat, despite ongoing weakness in the beer market.
“We grew profit by double digits in an unfavourable selling environment," he said. "A few of our key brands showed significant trend improvements from the last quarter, and the craft and import portfolio posted very strong results, driven by our investments in brand innovation.”
Second quarter sales fell by 0.1% to $2.134bn versus $2.136bn in the same period of last year.
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