Beer maker Molson Coors wants to increase sales of core brands like Coors Light and Molson Canadian to drive revenue growth during what it expects will be another challenging year.
“We expect 2012 to be as challenging as 2011 in all of our markets,” chief executive Peter Swinburn said Thursday, after Molson Coors reported a hefty quarterly profit of US$173.2 million.
“We firmly believe that we have to continue to focus on our core brands and new innovation to drive top-line revenue. That means growing Coors Light, Carling, Molson Canadian and Miller Lite,” he told a conference call.
“Despite some challenging market conditions, our focus continues to be on growing our business.”
The Canadian-U.S. brewer said its fourth-quarter profits rose 58% to US$173.2 million, handily beating analysts expectations as net sales rose 12.2% to $937.3 million and volume was up 2.6%. Earnings amounted to 95 cents per share, up from a year-earlier 58 cents per share or $109.8 million for Molson Coors, headquartered in Denver and Montreal.
Swinburn also said during 2012, Molson Coors will continue to increase growth in the key strategic markets of China, India, Russia, United Kingdom and Spain, focusing on the Coors Light, Carling and Cobra brands.
“We will continue to grow our existing international businesses and move them forward profitably over the next few years.”
In the Canadian market, Molson Coors will continue its focus on Coors Light and Molson Canadian as well as introducing some new brands and packaging this year to further strengthen its competitive position, Swinburn said.
The Montreal and Denver-headquartered brewer has a portfolio of more than 65 strategic and partner brands, including Coors, Coors Light, Molson Canadian, Carling, Blue Moon, Keystone and Richard’s.
The company has a large presence in Britain and in the United States through MillerCoors, a joint venture with SABMiller.
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