Cold, damp spring depresses SABMiller's lager sales
Brussels - SABMiller, the world's second-largest beermaker, suffered a decline in lager sales in the April-June period due to cold and damp spring weather in Europe and a cooler build-up to summer in the United States.
The company, which derives two-thirds of its sales from emerging markets, said its lager volumes declined by 1 percent, although revenue increased by 2 percent on a like-for-like basis.
Chief Executive Alan Clark said while first quarter revenue growth was held back by the weather this was offset by continued growth in Latin America and Africa.
The maker of the Miller brands, Grolsch and Peroni Nastro Azzurro said lager volumes grew 2 percent in Latin America and rose by 8 percent in Africa outside South Africa.
In Europe, where there was flooding in eastern countries, sales volumes dropped 7 percent, while in the United States its MillerCoors venture with MolsonCoors suffered a 4.4 percent drop in sales to retailers.
The Asia-Pacific region was also muted, but principally due to the loss of brands it had been brewing under licence, such as Corona and Carlsberg.
The loss followed SABMiller's 2011 purchase of Foster's.
SABMiller said that if these discontinued Australian brands had been excluded, then overall group volumes would have been flat and revenue per hectolitre would have risen by 3 percent rather than the 2 percent reported. - Reuters