August 2, 2016 (London and Denver) – SABMiller plc (LN:SAB; OTC:SABMRY) and Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) reported that MillerCoors second quarter underlying net income declined 3.8 percent to $468.8 million versus the same period in the prior year. This decline was driven primarily by the timing of shipments due to year-over-year calendar shifts, partially offset by lower cost of goods sold, higher net pricing and positive sales mix. First half underlying net income, which was not as significantly affected by the timing of shipments, increased 6.2 percent. For the second consecutive quarter Coors Light* and Miller Lite together delivered flat sales-to-retail (STR) volume in a declining segment, while overall MillerCoors STR volume decreased 1.7% in the second quarter, driven primarily by the company’s Below Premium brands.
“For the first time in many years, we are in line with our volume expectations through the first half of the year,” said Gavin Hattersley, MillerCoors Chief Executive Officer. “The second quarter started slow, but we finished strongly in June, driven by our two American Light Lagers, Coors Light and Miller Lite. Another indication of the positive traction we’ve gained was finishing No. 1 in the 2016 Tamarron Supplier Survey – which polls hundreds of U.S. distributors in rating the performance of beer, wine and spirit suppliers – for the first time in the history of the joint venture. Our entire system is energized by our performance and we are all looking forward to continuing our hard work to deliver a successful summer selling season.”