MillerCoors, the US joint venture between SAB Miller and Molson Coors, has reported global sales up 0.9% in the third quarter, to $2.1bn.
The drinks producer said underlying net income was up 3.5% to $376.7m compared to the same period last year. It said growth was driven by “positive pricing, sales mix and cost savings”. These savings totalled $31m in Q3, including procurement savings, brewery efficiencies and lower overhead costs.
The company said sales of Coors Light and Miller had declined but the summer-only offerings had increased by 0.4%.
It said profit growth was driven by its premium portfolio such as Redd’s, Smith & Forge, Leinenkugel’s Summer Shandy and Blue Moon Belgian White.
Tom Long, MillerCoors chief executive said: “Despite a tough quarter in the overall industry, MillerCoors delivered profit growth driven primarily with Above Premium brands.
“Our success model is to continue to develop our Above Premium portfolio and to renovate our Premium Light business behind Coors Light and Miller Lite, two iconic brands with unmatched quality and consistency. We’ve demonstrated that when we market these brands and tell their story with conviction, consistency and authenticity, beer drinkers respond positively. We believe we are on the right track and will accelerate our investments to grow our priority brands.”
