MillerCoors Posts Tough Q2

Dear Client:SABMiller issued its half year and 3Q trading statement reporting that MillerCoors sales-to-retailer trends have worsened since last quarter, mostly due to sub-premium beer loses. MillerCoors posted a 2.4% STR decline in the third quarter, versus down 1.4% in the second quarter and down 1.6% in the first quarter. MillerCoors was reportedly flat in July, so August and September must have been really terrible, and right smack in the key summer selling period. Premium light STRs declined in "low