USA: Miller profit down 17% because of flat sales

Miller Brewing Co. saw another year of flat sales of its staple beer Miller Lite, as drinkers continue to trade "Miller Time" for pricier brews and wines, The Associated Press reported May 18.

Increased competition from imports in the growing light-beer market and hikes in aluminum costs also contributed to a 17 percent drop in North American profits, which were down to $375 million for the year ending March 31, parent company SABMiller PLC said Thursday.

Revenue in North America fell 1 percent to $4.9 billion, while SABMiller, which also makes Pilsner Urquell and Peroni, saw its overall revenue jump 22 percent to $18.6 billion. Profits rose 15 percent to $1.6 billion, from $1.4 billion the previous year.

Miller, like the other top industry players Anheuser-Busch Cos. Inc. and Molson Coors Co., is struggling to gain share as drinkers move into imports, craft beer and wine, said Eric Shepard, executive editor of trade publication Beer Marketer's Insights.