Wet European spring dampens SABMiller

 
City A.M. Reporter
SABMILLER, the world’s second-largest beer maker, suffered a decline in lager sales during April to June, blaming Europe’s cold and damp spring earlier in the period and a cooler build-up to summer in the United States.

The company, which derives two-thirds of its sales from emerging markets, said its lager volumes declined by one per cent, although revenue increased by two per cent on a like-for-like basis.

Chief executive Alan Clark said while first quarter revenue growth was held back by the weather, this was offset by continued growth in Latin America and Africa.

The maker of the Miller brands, Grolsch and Peroni Nastro Azzurro said lager volumes grew two per cent in Latin America and rose by eight per cent in Africa outside South Africa. In Europe, where there was flooding in eastern countries, sales volumes dropped seven per cent, while in the US its MillerCoors venture with MolsonCoors suffered a 4.4 per cent drop in sales to retailers.

The Asia-Pacific region was also muted, but principally due to the loss of brands it had been brewing under licence, such as Corona and Carlsberg.