MillerCoors STRs Improve A Bit in Qtr But Still Down 2.4%

MillerCoors sales-to-retailers down 2.4% in qtr thru Jun, but shipments to wholesalers still down 3.5% in qtr ending Jun 30, with premium lights down “low single digits,” SABMiller reported. That STR trend is substantial improvement from -4% in 1st qtr, but still soft. Coors Light flat following 3 qtrs of drops. Both MGD 64 and Lite down low single digits. For Lite, that’s significant improvement, but MGD 64 no longer providing incremental pop. Crafts and imports up double digits, “led by a strong performance of Blue Moon and Leinenkugel’s.” Subpremiums down low single digits. Globally, SABMiller volume down 1% “on an organic basis.” SABMiller stock up 1% today as earnings in line with expectations. This qtr “marks the low, volume momentum improved in June,” said Redburn’s Chris Pitcher. In US, sales-to-wholesalers “broadly in line with expectations” but “this was a function of better underlying demand” as STR trend indicates “a stronger June than we had been modeling” tho that was “offset by some inventory reduction.”

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