Gavin Talks Tie Up, Competitive Pricing Activity on MillerCoors Q2 Call

Dear Client:We reported on much of MillerCoors' Q2 brand trends during SABMiller's trade update two weeks ago [see BBD 07-21-2016], but here's a refresher before we dive into the earnings call color:For the second consecutive quarter, Coors Light and Miller Lite together saw flat depletions. Both benefitted from revamped marketing campaigns. Still, overall MillerCoors depletions volume was down 1.7% in the second quarter, driven primarily by below premiums softness. Shipments were down 4.4%.Total net sales were down 3.5%. Core net