Molson Coors Brewing Co. said quarterly net sales fell 7.3 percent; worldwide, the volume of beer sold fell 2.9 percent. Consumer habits have shifted during the recession, the company said.(Matthew Staver/Bloomberg News
)
MARKET MOVERS
Molson profits, but is trouble brewing?
Molson Coors Brewing Co. said quarterly net sales fell 7.3 percent; worldwide, the volume of beer sold fell 2.9 percent. Consumer habits have shifted during the recession, the company said.(Matthew Staver/Bloomberg News
)
Molson Coors’ customers are buying less beer but paying more for it, the company said. Third-quarter profit rose 37 percent, to $235.3 million. Molson Coors said that, in general, it raised prices but offered some discounts to compete - which some analysts took as a sign higher prices might not stick. It also cut costs. Still, the shares fell; analysts are concerned there is a declining demand for beer.
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