MillerCoors Q2 Depletions Down 4.8%, Shipments Down 6.7%

Dear Client: MillerCoors just reported Q2 depletions were down 4.8%, which the company partially attributed to "industry declines." Shipments excluding contract brewing were down 6.7%, "driven by lower brand volume and quarterly timing of wholesaler inventories as we expect brand volume and STW trends to largely converge on a full year basis." Meanwhile, it's costing more to sell beer: COGS per hectoliter were up 4.7%, "driven by inflation, volume deleverage, and increased packaging costs associated with our bottle furnace rebuild,