Molson Coors has reported a 14.3% year-on-year decline in net sales revenue (at constant currency) to $2.5 billion (€2.1 billion) in the second quarter ended 30 June 2020.
Underlying EBITDA for the period amounted to $692.3 million (€583.8 million), up 2.2% at constant currency.
The company’s net sales in Europe fell by 44.6% during the financial quarter, while North America witnessed an 8.3% decline.
The company attributed this decline to the closure of the on-premise channels in nearly all markets for most of the quarter.
H1 Performance
The company’s net sales revenue for the six months ended 30 June amounted to €4.6 billion (€3.9 billion), down 11.7% year-on-year at constant currency.
Underlying EBITDA declined 4.7% year-on-year (at constant currency) to $1.04 billion (€880 million) from $1.1 billion (€930 million) in the same period last year.
In Europe, sales declined by 32.8%, while North America reported a 7.9% drop in sales.
Outlook
The company stated that it was ‘very pleased’ with its performance in the second quarter, progress in improving liquidity and efforts to advance its long-term goals amid the pandemic.
The brewer added that it will take prudent and proactive actions that are in the best interests of its business, employees, consumers, customers and stockholders.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
