The head of US brewer Adolph Coors yesterday said that the beer industry remained “extremely challenging” in the first half of the year, due to sluggish sales from a weak economy and poor weather.
President and chief executive Leo Kiely said that the market softness had begun late last autumn and continued through June.
However, talking to shareholders at the AGM, Kiely said the company was focussing on things to help business in the long term.
The economy he said had seen more people buying value packs and fewer purchasing beer in restaurants.
But Coors, Kiely said, was continuing to reduce costs, increase volumes while improving margins and accelerate cash flow so it could stay on its schedule of debt repayments.
The brewer also said yesterday that its board of directors approved a proposal to change its state of legal incorporation to Delaware from Colorado.
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The company said the proposal must be approved by shareholders.
