MillerCoors Reports Drop In Volumes

MillerCoors, the US brewing operation owned jointly by SABMiller and Molson Coors, has reported a drop in its volumes and net sales for the fourth quarter of 2009. In the three months to the end of December net sales were down by 1.6% to US$1.71bn while volumes dropped by 4.2%. Net profits for the quarter were up by 89% due to the cycling of integration and pension charges in the fourth quarter of 2008. However, the gross margin declined from 37.3% to 35.6% and underlying net profits were down by 21.6%. The lacklustre results were attributed to weaknesses in the

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