Molson Coors reported that shipments in the US were down by 11% and depletions were down by 6.8% in their 4th quarter 2022 earnings report. Full-year financial volumes declined 2.1%, essentially in-line with brand volumes, which were down 2%.
“To be sure, there have been a lot of ups and downs in the past three years, but through it all, achieving consistent top and bottom-line growth has been our North Star,” said Gavin Hattersley, Chief Executive Officer in the company’s earnings call to investors.
The company did well in the above-premium category, where most alcohol beverage producers are seeing growth. “Today, over 28% of our global net sales revenue now comes from our above-premium portfolio, up from 23% in 2019,” said Hattersley.
Facing the same pressure from inflation as any other business, Molson Coors reported cost of goods sold (COGS) per hectoliter increased 3.9%, primarily due to cost increases on materials, transportation and energy costs.
See the earning report investor call notes here.