US: Sunny St Patrick's boosts MillerCoors in Q1
- Q1 net profits rise by 17% to US$275.3m
- Operating profits in three months to end of March also up, by 16.8% to $279m
- Sales inch up by 3.6% to $1.76bn
- Good weather over St Patrick's Day helps sales, as volumes steady
MillerCoors issued its Q1 numbers today
MillerCoors saw net profits jump by 17% in first-quarter results boosted by good weather on St Patrick's Day.
The US division, jointly owned by SABMiller and Molson Coors, said today (8 May) that net profits hit US$275.3m in the three months to the end of March. Operating profits also increased, rising 16.8% to US$279m. Sales were up by 3.6% to US$1.76bn.
“We delivered a solid first quarter in 2012,” said MillerCoors' CEO, Tom Long. “Our sales trends improved, and we saw net revenue growth that was primarily driven by strong mix, positive pricing and unseasonably warm weather, particularly around St Patrick’s Day.”
Volume sales of Miller Lite and Miller64 were down, but the company said brand repositioning of the two products is ongoing. Coors Lite posted low-single digit growth and was set to benefit from its sponsorship of the Mexican First Division Soccer League, announced in the quarter, the company said.
Double-digit growth for MillerCoors' craft and import portfolio was driven by increases in Leinenkugel’s and Blue Moon. Leinenkugel’s Summer Shandy was introduced a month earlier this year and doubled volumes, the company said.
Peroni Nastro Azzurro grew by high-single digits.
For the company's official announcement, click here.
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