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  • H1 organic sales dip 1%
  • US volumes down 5% for the six months
  • Share price drops
  • CEO announces exit

Bad weather in the second quarter and a tough comparison against sales for last year's World Cup drove down underlying revenues for Molson Coors in the first half, the brewer has announced.

Molson Coors benefited in many of its markets last year from the World Cup

Molson Coors benefited in many of its markets last year from the World Cup

Organic sales dropped 1% in the first six months of 2019 as global volumes fell by 4%, Molson Coors said yesterday. The declines, which came as CEO Mark Hunter announced he is to step down in September, led to a 12% drop in Molson's share price yesterday before the stock rallied slightly. They also follow a competitively strong Q1, in which organic sales climbed by 1%.

"After a solid start in the first four months of the year, May and June were challenging reflecting unfavourable weather and weak industry demand across our major geographies," Hunter said.

Molson Coors benefited in many of its markets last year from the World Cup, which started on 14 June.

Despite the challenges in Q2 this year, quarterly sales per hectolitre were up 4% and the brewer took share in the competitive US market, it said. The company hailed its portfolio premiumisation for the gains. Packaging costs increased because of investment in a US bottle furnace rebuild.

In the key US market, H1 sales slipped 2% on a 5% volumes loss. Q2 sales were down 3%. US underlying EBITDA decreased 8% in the second quarter. Hunter said there was "strong premium light share growth in the US" as Miller Lite and Coors Light gained segment share.

CEO Mark Hunter

"We remain resolute on the ambition to improve our top-line through increased investments in our brands, premiumisation and innovation initiatives, including the launch of our Truss cannabis infused non-alcoholic beverage portfolio in Canada later this year."

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