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US: Profits, sales set fair in H1 for MillerCoors

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  • H1 net profits come in 13.2% up at US$723.3m
  • Net sales in six months to end of June inch up by 4% to US$3.98bn
  • Operating profits rise by 12.1% to US$723.4m
  • Craft beer leads as mainstream slows

MillerCoors has continued its strong start to 2012, delivering a healthy set of numbers for its H1.

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The US company, a JV between SABMiller and Molson Coors, said earlier today (7 August) that net profits for the six months to the end of June increased by 13.2% year-on-year, totalling US$723.3m. Net sales increased by 4% to $3.98bn with operating profits jumping by 12.1% to $723.4m.

For the second quarter, net profits were up by 10.4% year-on-year at $443.7m, with net sales rising by 4.3% to $2.22bn. Operating profits increased by 9.4% in the quarter to $444.4m.

The firm credited "positive pricing, favourable brand mix and cost management" for driving its Q2 performance.

In volume terms, MillerCoors saw its first half come in flat, rising by 0.4% to 33.3m barrels, and its second quarter follow suit, up by 0.9% to 18.5m barrels.

“As our major summer marketing programmes kicked off during the second quarter, we saw sequential improvement in retail sales on our premium light brands, highlighted by the strong growth of Coors Light,” said MillerCoors' chief executive, Tom Long.

“We also delivered double digit growth from (craft and import beer business) Tenth and Blake as we scale brands like Blue Moon and Leinenkugel’s Summer Shandy to meet changing consumer tastes."

The performance of Tenth and Blake in the quarter offset MillerCoors' below-premium and premium regular portfolios, both of which registerd mid-single digit declines. Flagship brands Coors Light and Miller Lite had contrasting fortunes; the former saw sales volumes to retailers rise by low-single digits, while the latter delivered a low-single digit dip.

To read MillerCoors' officical announcement, click here.

To view an analyst's view on the results, click here

For the company's Q1 numbers, click here.


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