MillerCoors sales are down in fourth quarter, except ‘craft’ division
MillerCoors fourth quarter domestic sales were down 2.5% to retailers and 2.2% to wholesalers. But the shining star in the portfolio was the Tenth and Blake craft and import beer business, launched in August, which saw double-digit volume growth on a percentage basis, driven mostly by Blue Moon.
Earnings rose 41% on lower costs and revenue that edged higher despite sluggish demand.
MillerCoors reported a profit of $144.2 million, up from $102.2 million a year earlier. Revenue after excise taxes increased 0.4% to $1.72 billion. Gross margin fell to 63.7% from 64.4%.
Premium-light brand volumes, which include Miller Lite and Coors Light, continued to see trend improvement, with volume down slightly, though Coors Light rose in the low-single digits. The below-premium portfolio, which includes Miller High Life and Milwaukee’s Best, posted mid-single digit declines.
The smaller domestic above-premium beers, which include Miller Chill and Killian’s Irish Red, continued to see double-digit declines.