Profits slip at Molson Coors 2nd Quarter

on 03/08/11 at 10:42 am

Industry

Weak sales and rising costs contributed to Molson Coors recording a 6% drop in profits in the second quarter of the year.

The brewer had hoped that raising prices would help offset losses.

Officials at the company, which brews Coors Light and Carling among other lagers, nevertheless maintained their view that it has performed well against a backdrop of economic struggle in the US.

The company said it has still managed to gain market share both in the US and abroad.

“The external world is what it is,” said Molson Coors CEO Peter Swinburne. “But there are a lot of things we are working on internally that we are doing to reach consumers.”

The tough economic situation has been compounded by escalating fuel, packaging and ingredient costs, which are affecting nearly all consumer product makers.

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