Molson Coors Suffers from Stacked Odds, with U.S. Q1 Depletions Down 8.8%

Dear Client: Back in February, during their Q4 earning call, Molson Coors highlighted that comps would be stacked against their Q1 results in the U.S.  From the headwind of Pabst’s exiting contract volume; to the higher-than-typical inventory build ahead of last year’s Fort Worth strike; to “particularly strong demand” for their core power brands in the U.S. over Q1 ’24 (with total MC U.S. depletions up 6% that quarter); to one less trading day this Q1 (with last year being