• Nine-month net profits up 1.3% to US$1.03bn
  • YTD net sales flat at $6bn
  • Operating profits in nine months rise 1.3% to $1.05bn  
  • Nine-month volumes fall 2.9% to 48.7m barrels
The brewer is concerned by the performance of its premium light brands

The brewer is concerned by the performance of its premium light brands

MillerCoors has seen a return to net profits growth in its year-to-date, but sales were flat and volumes continue to slide. 

The US-based group, a JV between Molson Coors and SABMiller, said today (6 November) that net profits in the nine-months to the end of September edged up 1.3% to US$1.03bn. Sales in the period were flat on the prior year at $6bn. Operating profits in the year-to-date rose by 1.3% to $1.05bn.

Nine-month volumes fell 2.9% to 48.7m barrels.

In Q3, net profits increased by 1.4% to $348.8m, as sales rose by 2.9% to $2.05bn. Operating profits in the three months were up by 14.2% to $354.5m.

“Led by Redds (Apple Ale), Leinenkugels and Blue Moon, our strategy to grow share in the high-margin and fast-growing above premium space is driving excellent sales mix,” said Tom Long, the brewer's CEO. 

But he added: “We are not satisfied with the on-premise distribution or volume performance of our premium light brands. Our recently announced restructuring will reduce our fixed cost base and allow increased brand investment moving forward, particularly on our premium lights.”

The brewer last month confirmed that 200 staff would leave under the restructuring, with another 160 "open salaried positions" cut. Severance pay to departing employees under the group's restructuring totalled $15m, the company said today.  

MillerCoors said it made $33m of cost savings in its third quarter from “procurement, logistics and brewery efficiencies”. 

To read the company's full statement, click here