MillerCoors Sales Down 4%
“Craft” and imports still growing – Blue Moon stars again
MillerCoors US sales-to-retailers declined 4.0 percent in the first quarter ended March 31, 2010. Domestic sales-to-wholesalers declined 3.6 percent.
Net income increased slightly, by 0.4 percent to $217.2 million due to favorable pricing, synergies and cost savings, which were offset by soft volumes.
MillerCoors craft and Import portfolio grew mid-single digits in the quarter, driven by double-digit growth of Blue Moon and mid-single-digit growth in Peroni Nastro Azzurro despite a soft import category. The domestic above-premium portfolio -- which includes Sparks -- continued to decline at a double-digit rate. In the premium regular portfolio, Coors Banquet was flat.
First quarter Premium Lights brand volumes (Miller Lite, Coors Light and MGD 64) were down mid-single digits due to a high-single-digit decline in Miller Lite and low-single-digit decline in Coors Light, which were partially offset by the double-digit growth of MGD 64.
The Below Premium portfolio was down low-single digits due primarily to a decline in Milwaukee's Best, while Keystone delivered mid-single-digit growth.