Molson Coors upbeat on future after FY sales, profits fall
Full-year net profits fall by 31% to US$359.5m
Net sales in 12 months to end of December down by 14% to $3.57bn
FY operating profits slide by 28.2% to $521.8m
Q4 net profits down by 65.1% to $32.8m
Net sales in three months to end of December decrease by 13.3% to $844.4m
Operating profits in Q4 tumble by 52% to $74.1m
Molson Coors has high hopes for its Coors Light brand
Molson Coors has professed itself to be pleased with its performance in 2015, despite a 14% fall in sales in the year.
The company today reiterated the impact of "unfavourable foreign currency movements, increased brand investments and the termination of major business contracts" on its full-year results. Despite this, the Q4 and FY results came in in-line with guidance issued by the North American brewer last month.
Molson Coors saw its total volumes dip by 1.5% in 2015 and by 1.7% in the quarter. However, the flagship Coors Light brand saw its volumes rise in 2015 by 0.3% worldwide and by 15.4% in Europe and International.
Earlier this year, the company lined up the roll-out of Coors Light in Colombia.
"We were pleased with the progress that our company made in 2015," said CEO Mark Hunter today. " We grew our above-premium business globally, including craft, flavoured malt beverages and cider; we gained share of the key premium light segment in the US; and accelerated the growth of our International business, including a bolt-on acquisition in the fast-growing India market (Mount Shivalik Breweries in April)."
Hunter also used the results to highlight Molson Coors' pending buyout of SABMiller's stake in the MillerCoors JV in the US. "This is a game-changing transaction for our company that is compelling both financially and strategically," he said.
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