USA – Molson Coors Beverage Company has achieved significant growth for the second consecutive year, posting a 9.4 percent increase in net sales to US$11.7 billion in FY 2023. 

The company also witnessed a notable surge in underlying income before taxes, rising by 36.9 percent to US$1.5 billion on a constant currency basis. 

According to the Coors Light producer, the impressive performance was driven by a brand volume growth of 2.2 percent, with a remarkable 4.4 percent increase in the Americas, partially offset by a 3.6 percent decline in EMEA (Europe, Middle East, and Africa) and APAC (Asia-Pacific). 

Garvin Hattersley, CEO Molson Coors said, “Growth is not a strong enough word to describe what we achieved in 2023. In fact, our 2023 underlying pretax income was higher than we thought it would be, and frankly, higher than anyone I am aware of said it would be – in 2028.  

So Molson Coors delivered six years of profit growth – six years of growth – in just one year. That, folks, is a new baseline.” 

The strong results were attributed to sustained growth in core brands in the U.S. and globally, revenue expansion from above-premium brands, and the ongoing shift of consumers toward the Molson Coors portfolio.  

In the U.S., key brands such as Coors Light, Miller Lite, and Coors Banquet achieved double-digit brand volume growth in the fourth quarter.  

Miller Lite lapped an especially strong end to 2022 and still grew a half-point of the industry dollar share. And Coors Light grew dollar share by nearly a full share point in the quarter. 

Hattersley anticipates the positive momentum to continue into the spring, driven by major U.S. retailers resetting their shelves.  

“Based on the conversations we are having with top retailers, we expect to gain significantly more distribution and space for our brands in 2024, on top of the gains we made last year,” he said 

In the EMEA & APAC region, Molson Coors achieved a record high of 52.3 percent net brand revenue at an above-premium price point in the fourth quarter.  

Madrí Excepcional, a key brand in the portfolio, played a significant role in this success, emerging as the fastest-growing major beer brand in the UK in terms of volume and value sales. 

For the full year, Madrí Excepcional achieved an impressive 80 percent growth in volume sales, surpassing 1 million hectoliters and securing a spot among the top 10 brands in Molson Coors’ global portfolio. 

Looking ahead, Molson Coors forecasts a low single-digit increase in net sales for the full year 2024 compared to 2023 on a constant currency basis. 

 

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