Gavin Sees “Consumer Changes” But Pricing Not the Driver

Dear Client:  If you need a refresher for yesterday's Molson Coors Q4 earnings results: In the U.S., the company saw depletions fall 6.8% in the quarter, with shipments down 11.2%.  They attributed the slowed depletions trend to an overall softer industry in the States, “timing impacts related to one less trading day” and “a shift in volume due to price increases taken in the fourth quarter.”  But it wasn't as simple as price increases driving a volume shift, per much