HomeBusinessMolson Coors stock falls, company cites split in beer spending

Molson Coors stock falls, company cites split in beer spending

A bottle of Molson Coors Brewing Co. Blue Moon brand beer

Tiffany Hagler-Geard | Bloomberg | Getty Images

Molson Coors Beverage is seeing a split emerge among its customers as inflation hits their wallets: Some beer drinkers are trading down, while others are still shelling out for pricier six-packs.

Shares of the beverage company closed down more than 10% Tuesday as concerns about the uncertain macroeconomic environment weighed on the stock. The company reported second-quarter earnings and revenue roughly in line with Wall Street’s estimates.

CEO Gavin Hattersley told CNBC that the beer industry saw softening sales during the second quarter, which the company blamed for a 1.7% decline in its U.S. sales volume.

But Molson Coors said it outpaced the broader industry in the U.S., Canada and the U.K. during the period. Hattersley credited strong sales growth for pricier drinks like Blue Moon…

Read more at www.cnbc.com

- Advertisment -

Most Popular