The Big Challenge at Miller

As reported, SABMiller reported in a trading statement yesterday that Miller's US sales-to-retailers were down 3.6% for the six months through September, on a selling-day adjusted basis, not including acquired brands (McKenzie River). If quarter-ending June volumes were down 2.4%, this would mean that third quarter volumes must have dropped almost 5% against admittedly tough comps. That's exactly one full year of quarterly volume losses at Miller. If you're a glass-half-full kind of person, that's great news, because now it's