Coor Brewers report first quarter loss

Source: Food and Drink Digital

Date :07/05/2008 10:53:41

Coor Brewers, the UK arm of Molson Coors, the US brewing group, yesterday reported an underlying pre-tax loss of $2 million (£1.01 million) in the first quarter of 2008.

The loss is a $0.7 million improvement versus the first quarter 2007 and was driven by increased off-premise volume and supply chain savings. These were offset in part by higher pension costs and lower on-premise volume.

Brand volumes

UK owned brand volumes increased one percent in the first quarter, driven by a seventeen percent increase in off-premise volume, leading to an increase in overall market share.

The increase in volume was due to a combination of the Easter holiday falling in the first quarter this year and customers buying in advance of an increase in beer excise tax.

UK net revenue per barrel in local currency increased four percent during the first quarter following the acquisition of Camerons in 2007, which increased factored brand sales.

Marketing, general and administrative expense increased 3.5 percent in local currency. Overall, the company achieved its fifth consecutive quarter of year on year growth in owned-brand pricing in the UK.

May 07, 2008