US: MillerCoors FY profits up, but sales flat as light beers suffer
- FY net profits up 6.7% to US$1.27bn
- Net sales in 12 months of 2013 flat at $7.8bn
- Operating profits up 6.3% to $1.29bn
- FY volumes slip 2.7%
The JV saw FY profits up, but volumes slide and sales flat
MillerCoors saw a strong performance from its “above premium” brands offset weakness among its premium light portfolio in 2013, while its full-year profits rose by single digits.
Net profits in the 12 months to the end of December rose by 6.7% to US$1.27bn, the Chicago-based SABMiller and Molson Coors JV said today (13 February). Sales in the period were flat, however, at $7.8bn.
Operating profits climbed by 6.3% to $1.29bn, while full-year volumes slipped by 2.7% to 63.3m barrels.
In Q4, net profits jumped by 39.1% to $237.1m, while sales were flat. Operating profits in the last three months of 2013 climbed by 35.7% to $240.5m. Volumes in the period fell by 1.8% to 14.5m barrels.
The company reported that "marketing, general and administrative costs" decreased by 3.2% for the full year and 12% for Q4.
MillerCoors CEO Tom Long said that the group is continuing with a “strategy to grow share in the high-margin and fast-growing above-premium space”. He added: “We are encouraged by our innovation pipeline and the excellent results in the above premium space."
The company’s craft beer division, Tenth & Blake, saw “high-single digits” sales growth for the full year, it reported. Sales for the Blue Moon portfolio grew “mid-single” digits for the year, while its Redd's brand also performed strongly, the brewer said.
However, its light beers performed less well. Coors Light’s sales fell by low-single digits in the full-year, while Miller Lite saw a high-single digits sales drop in the period.
The company this week launched a new 6.9% abv beer, Miller Fortune, in a bid to attract spirits drinkers to the beer category.
To read the company's full statement on today's results, click here.
Click here for an analysis of MillerCoors' results.
It's not like we weren't warned. After all, it was only two weeks ago that SABMiller's CEO lauded the potential for soft drinks in emerging markets....
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