MillerCoors today reported second quarter net income of $451 million, up from $416.7 million in the second quarter of 2013.
Net sales were $2.2 billion, up slightly from $2.16 billion a year ago.
The Chicago-based brewer, which manufactures much of its product in Milwaukee, saw premium light sales to retailers decline by low-single digits, with both Coors Light and Miller Lite down low-single digits in the quarter. The premium regular portfolio was down low-single digits as well.
Those declines were offset by above premium portfolio sales to retailers, which grew double digits in the quarter, driven mostly by Redd’s and Leinenkugel’s franchise products. Earlier this week, the company launched a Redd’s Wicked Apple product, a higher ABV apple ale.
“In the second quarter, we continued to gain share with our Above Premium portfolio, driving profitable growth with brands like Redd’s, Leinenkugel’s Summer Shandy, Smith & Forge Hard Cider and Miller Fortune,” said Tom Long, chief executive officer. “We also continued to engage consumers around our flagship beers with big ideas like Miller Lite’s Original Can and Coors Light Summer Brew.”
