MillerCoors Depletions Down 2% in SAB Trading Update

Dear Client:This morning, SABMiller issued a trading update for the group's first quarter ended June 30. MILLERCOORS SHIPMENTS DOWN 4%, DEPLETIONS DOWN 2%. The group's net producer revenue (NPR) in North America declined by 3% with beverage volumes down 4%, driven by the performance of MillerCoors. While MillerCoors' domestic shipments (STWs) were down 4% in the quarter, US domestic depletions (STRs) were down 2%. MillerCoors group NPR per hl grew 1%, reflecting positive sales mix together with "favourable, although softening"