MillerCoors Brand Volumes Down 4.8%

Dear Client: Molson Coors reported results for the second quarter of 2018 this morning. Their U.S. business unit, MillerCoors, saw "brand volume" -- AKA depletions -- down 4.8% for the quarter, primarily driven by tough premium light trends. That's a bit worse than Q1 STRs, down 3.8%. Recall that MillerCoors' shipments were hit hard in Q1, down 6.7%, due primarily to inventory issues. In Q2, however, shipments are only down 3.6%. Net sales per hectoliter (brand volume basis) grew 0.9%.