Molson Coors forecasts lower full-year sales as higher prices hit demand [Globe and Mail, The (Toronto, Canada)]
Molson Coors Beverage Company Class B (TAP)
Last molson coors beverage company class b earnings: 4/30 07:00 am
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Source: Globe and Mail, The
higher prices might be beginning to dent demand for the beer maker's brands such as Blue Moon and Coors Light especially in the United States. The company's shares were down 2 per cent before the bell. Molson Coors has been consistently raising prices to offset higher production costs, similar to peers such as Constellation Brands, even as some of those expenses have started to ease. The company's volumes in the U.S. were also hit due to the winding down of a contract brewing agreement. It now expects 2024 net sales to be down about 1 per cent, compared with its prior forecast of a low single-digit percentage increase. While customers stretched their budgets to purchase the company's products up until recently despite price hikes, the downbeat forecast indicates sticky inflation has forced them to rethink their spending. Molson Coors posted a 5.4 per cent fall in Americas brand volumes during the third quarter, primarily driven by a drop in sales of its premium brands as t
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