It’s that time of the year when the large global brewers announce their mid-year financial results, giving a good indication how the year will look for each company and the industry as a whole. Molson Coors posted 11.8% growth in second quarter net sales, its best quarterly brand volume trend since the MillerCoors Joint Venture in 2008.
Molson Coors had a happier result than Heineken, which posted a profit decline in the first half of 2023. Coors Light, Miller Lite and Coors Banquet each grew volume double-digits and second quarter sales overall were up in its largest markets; the U.S., Canada and the UK.
“We are extremely pleased with our second quarter performance, with both business units achieving double-digit net sales and underlying income before income tax growth. We did this while continuing to invest in our business, reduce net debt and return cash to shareholders,” said Tracey Joubert, Chief Financial Officer in a company statement.
Molson Coors has benefited by the Bud Light consumer boycott, and this likely contributed to the positive results. But the company was also able to keep costs down, even as inflation continued in the second quarter of the year. Cost of goods sold decreased 2.6% on a reported basis for the company, a strong indicator of how important managing costs are as prices rise across the board.
More details on the 2nd Qtr. results here.