MillerCoors Faces Challenging Quarter

November 3, 2011MillerCoors Faces Challenging QuarterDear Client:A few new details came out of the MillerCoors conference call that wasn't already revealed when SABMiller released earnings a few days ago. You already know the numbers: STRs were down 2% while shipments were down 4.7% indicating distributor inventory draw downs. Why the disconnect between depletions and shipments? Last year was an "anomoly" as the price increase last year forced higher inventories and thus higher shipments last year, said cfo Gavin Hattersly. Distributors