World: Molson Coors’ Q2 net sales decrease by 0.6%

Molson Coors, the world’s second largest brewer, saw its net sales decrease by 0.6% in the second quarter as it comes under increased pressure from craft beer companies.

However, the US-Canadian brand posted an increase in net income of 4% to $321.7 million. Worldwide volume rose by 2.3% thanks to growth in Europe as a result of the Miller global brands business.

In the US, the company’s largest market, net sales rose by 0.3%. Its second largest market, Europe, saw sales increase by 0.5%, as the company was helped by a late Easter.

Molson Coors CEO Mark Hunter said: “In the second quarter, we continued to drive our first choice for consumers and customers agenda, with laser focus on strengthening our core brands, premiumising our portfolio, accelerating our international footprint, enhancing our customer partnerships, and driving the integration of MillerCoors and the Miller brands globally to unlock synergies and other cost savings.

“As a sign of progress against this agenda, our team delivered solid growth in constant currency net sales, global brand volume, underlying EBITDA, net income, earnings per share and free cash flow. Additionally, we exceeded our goals for cash generation and debt reduction in the first half of this year and have maintained our investment-grade debt ratings. Our second quarter performance was in-line with our expectations, and we remain on track to deliver our 2017 business and financial plans, cost savings targets and cash flow goals.”