(Adds details, shares)
Feb 14 Molson Coors Brewing Co reported
lower-than-expected quarterly sales, due to a strong dollar and
weak demand for its Coors Light beer and its cheaper brands such
as Miller High Life in the United States.
Shares of the third-largest brewer in the United States fell
2.7 percent to $93.59 in premarket trading on Tuesday.
The company said worldwide sales of Coors Light beer, its
highest-selling brand, fell about 2 percent during the quarter,
while worldwide beer sales rose 1.2 percent.
The company's net sales on a pro-forma basis fell 4.2
percent to $2.47 billion. Analysts on average had expected $2.57
billion, according to Thomson Reuters I/B/E/S.
On a constant-currency basis, the company reported a 2.2
percent fall in net sales during the quarter.
The average value of the dollar rose 2.3 percent against a
basket of currencies in the quarter, compared with a year
Molson reported a pro-forma net loss of $608.6 million, or
$2.83 per share, in the fourth quarter ended Dec. 31, compared
with a profit of $6.1 million, or 3 cents per share, a year
The company took a charge of $521.1 million, driven by
impairment charges related to certain Molson brands in Canada
during the quarter.
Molson Coors bought beer giant SABMiller's stake in the
MillerCoors joint venture for $12 billion in October last year,
following SABMiller's agreement to be acquired by Anheuser-Busch
InBev for over $100 billion.
(Reporting by Gayathree Ganesan in Bengaluru; Editing by