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Interim Results

MillerCoors Q1 net income up 22.2%

03 May 2016 12:11

SABMiller and Molson Coors say MillerCoors first quarter underlying net income was up 22.2% to USD372.1m compared to last year, driven by lower cost of goods sold, higher net pricing, positive sales mix and timing of shipments.

Total net sales increased 2.3% to USD1.816bn and domestic net revenue per barrel, excluding contract brewing and company-owned distributor sales, increased 1.5%.

Other Q1 highlights:

- Total cost of goods sold (COGS) per barrel decreased 5.0 percent.

- Domestic STRs decreased 1.3 percent.

- Domestic sales-to-wholesalers volume (STWs) increased 1.3 percent.

"Last fall, we laid out an aggressive three-year strategy to get to total volume growth by 2019. While we have a great deal of work to achieve that ambition, this quarter we took positive strides with the sales improvement of both Coors Light and Miller Lite, a strong launch of Henry's Hard Sodas and strengthening volume in our Above Premium portfolio," said Gavin Hattersley, MillerCoors Chief Executive Officer.

"Our employees and our distributor system have rallied behind our brands and our plans, and we are focused on working collaboratively and aggressively to achieve our goals."

At 12:11pm: (LON:SAB) SABMiller PLC share price was -18p at 4167p

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