Brewing giant’s policy paying off

MillerCoors, the second largest brewer in the United States, said its first-quarter net income rose 8.7 per cent as it raised beer prices and continued to cut costs to see a good start to 2011.

The combined US operations of SABMiller and Molson Coors said underlying net income in its January-March quarter rose to $236m while net sales were largely flat at $1.7bn.

“We said top line growth would be our priority, and we believe our strategic focus within premium lights on innovation, organic revenue growth and marketing execution are delivering wins in the marketplace,” said MillerCoors chief executive Leo Kiely.

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Last week, the brewer said Mr Kiely would retire on June 1 and be replaced by chief commercial officer Tom Long. The company, formed in July 2008, has said it expects to make $750m of cost savings over the first four and a half years of its merger to end-2012.

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