Molson Coors sees fourth quarter sales slump
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Written by Nigel Huddleston
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Wednesday, 11 February 2009 |
North American brewing group Molson Coors saw falling beer sales in the last quarter of 2008, though sales for the full-year were ahead.
Worldwide beer volumes were down 4.2% in the last three months of the year - and net income fell 44% to $96.8 million.
The group said foreign currency movements accounted for over half of this fall.
Full-year figures to Dec 28 showed a 22% decline in net income to $388 million.
President and chief executive Peter Swinburn said: "Our lower fourth quarter financial results reflect the combined challenges of a much stronger US dollar versus a year ago, significant commodity inflation, and lower sales volume in our major markets.
"In this economic environment, we remain committed to building great beer brands while diligently reducing our costs."
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