Molson Coors reports “highest quarterly growth” in a decade
Molson Coors has recorded a 16.7% increase in its first-quarter net sales, as the company reports its “highest quarterly top-line growth in over a decade”.
The drinks giant said the increase is due to positive net pricing, favourable sales mix and financial volume growth – particularly revenue generated by its core brands, Coors Light and Miller Lite.
The company posted net sales of $2.2 billion in the quarter ending 31 March, compared to $1.9 billion in the prior-year period.
Net sales in Europe, Middle East, Africa and Asia-Pacific segments increased by 84.2% compared to the same period in 2021, while financial volumes grew by 29.4%, primarily due to growth in its core brands. The company stated that fewer on-premise restrictions led to significant growth in European markets on the strength of brands like Carling.
This was compared to a 34.9% decrease in net sales and a 22% decrease in financial volumes in Europe in the same quarter last year, due to Covid-19 restrictions.
Molson Coors’ premium portfolio continues to grow and has reached its “highest percentage of total trailing 12-month net sales” since the MillerCoors acquisition in 2016, partly fuelled by the launch of Topo Chico Hard Seltzer in collaboration with Coca-Cola.
Gavin Hattersley, Molson Coors president and CEO, said: “The start of 2022 brought continued momentum for Molson Coors. Many of our core brands continued to outperform their peers, we again earned the largest growth in US hard seltzers among major brewers and our expansion beyond beer continued to track ahead of our $1 billion revenue target.
He continued: “All were factors in delivering not just a successful quarter, but the most quarterly top-line growth this company has had in more than ten years”.
The company has reaffirmed its 2022 guidance for top- and bottom-line growth, as it continues to deliver on its revitalisation plan and manage costs.