MillerCoors Has a Solid Start

MillerCoors reported its first full quarter as a joint-venture, and the results were mixed in the July through September quarter. MC sales-to-retailers (depletions) were up 0.7% for the quarter while brewery shipments were down 0.5%, indicating a reduction in distributor inventories. Seven of the 12 largest MillerCoors brands increased STRs, led by strong Coors Light growth (up 6.8% adjusted for sell days due to "gains in both distribution and velocity"); five brands grew share including Coors Light, Blue Moon, Miller