GLOBAL: SABMiller Q3 sales rise but rain dampens China
- Q3 net sales rise by 8%
- Overall volumes up by 2%
- Soft drinks volumes increase by 3%
- China volumes dip by 3%
SABMiller has posted a strong Q3 sales increase
SABMiller has posted a jump in third-quarter sales despite bad weather in China that saw its volumes in the country dip.
Net sales rose by 8% on an organic basis in the three months to the end of December, the brewer said in a trading update today (22 January). Overall volumes climbed by 2% on an organic basis in the same period.
In China, the brewer, through its JV CR Snow, saw organic volumes fall by 3% after a cold and wet winter depressed demand, it said. Asia-Pacific volumes, which exclude Australia, fell by 1%, mainly because of China, the company added.
SABMiller said that its financial performance for the quarter was "in-line with expectations", but did not reveal profit details.
- Asia Pacific -1%
- Latin America +6%
- Africa +4%
- South Africa +3%
- Europe +1%
- Australia -15%
In Australia, SABMiller continues to face problems with its troubled Foster's unit that it bought in 2011. In Q3, its total lager volumes in the country fell by 15%. However, flagship brand Victoria Bitter grew its volumes by 2% in the wake of an abv rethink, announced in September.
SABMiller's premium beer in South Africa, Castle Lite, continued its strong performance with a 20% volumes increase, the company said. Soft drinks volumes dipped by 3% in the country after a price rise.
The company's overall soft drinks volumes were up by 3% on an organic basis.
In early trading today, SABMiller's shares were up slightly after dipping as much as 2% yesterday.
To read the company's official statement, click here.
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