MillerCoors Volumes Down 2.7%

Dear Client: MillerCoors first quarter underlying net income grew 4.4% to $304.6 million driven by higher net pricing, positive sales mix and cost control. Net sales decreased 0.9% to $1.775 billion. Revenues per barrel increased 1.6 percent. Sales-to-retail volume (STRs) decreased 2.7 percent, while shipments decreased 2.5%. The MillerCoors Premium Light portfolio STRs declined low-single digits, in part due to industry softness in the first two months of the quarter. BRAND HIGHLIGHTS. Miller Lite declined low-single digits. The brand will