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Molson Coors' quarterly sales fall 4.2 percent
February 14, 2017 / 1:47 PM / 10 months ago

Molson Coors' quarterly sales fall 4.2 percent

Feb 14 (Reuters) - Molson Coors Brewing Co reported a 4.2 percent fall in quarterly sales, due to a strong dollar and weak demand for its Coors Light beer, its highest-selling product.

The company’s net sales on a pro-forma basis fell to $2.47 billion from $2.58 billion.

On a pro-forma basis, the company reported a net loss of $608.6 million, or $2.83 per share, in the fourth quarter ended Dec. 31, compared with a profit of $6.1 million, or 3 cents per share, a year earlier.

The company took a charge of $521.1 million, primarily driven by impairment charges recorded for the Molson brands in Canada during the quarter.

Molson Coors bought beer giant SABMiller’s stake in the MillerCoors joint venture for $12 billion in October last year, following SABMiller’s agreement to be acquired by Anheuser-Busch InBev for over $100 billion. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta)

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