MillerCoors, the second largest brewer in the US, has reported rises in both beer sales and profits for 2009, despite falls in the fourth quarter.
Net sales rose by nearly 2% to US$7.57bn for the 12 months to the end of December, compared to 2008, said MillerCoors today (9 February).
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Net profits jumped to $842.8m for the year, compared to $533.6m in a previous full-year hit by one-off charges.
However, the rises masked a tough fourth quarter for the brewer, which is a 50-50 joint venture between SABMiller and Molson Coors formed in 2008.
Fourth quarter net sales fell to $1.71bn, from $1.73bn in 2008. Underlying net profits for the final three months slipped by nearly 22% to $106m.
“It’s tough out there, and we saw the effect of ongoing economic pressure and unemployment on beer sales, especially in the fourth quarter,” said MillerCoors CEO Leo Kiely.
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By GlobalDataFull-year volume sales to retailer and wholesalers fell by 1.7%, the group said.
Growth for MGD64, Peroni Nastro Azzurro and Blue Moon brands was offset by decline for Miller Lite and, to a lesser extent, Coors Light.
MillerCoors said it remains on-track to deliver $750m in total synergies and other cost savings by the end of 2012.
