MONTREAL — Molson Coors Beverage Co. says it expects a significant drop in sales and profits in the second-quarter and possibly beyond as a result of the closure of bars and restaurants due to the pandemic.
It estimates about 23 per cent of its 2019 consolidated net sales resulted from what it called on-premises consumption, which has effectively been reduced to zero.
The brewer noted that while sales to retailers continue to do well, it does not expect them to fully offset the loss of the bar and restaurant sales.
The comments came as Molson Coors, which reports its results in U.S. dollars, reported a loss of US$117.0 million or 54 cents per share for the quarter ended March 31 compared with a profit of US$151.4 million or 70 cents per share a year ago.
Net sales totalled US$2.10 billion, down from US$2.30 billion.
Molson Coors reported an underlying profit of US$77 million or 35 cents per share for the quarter compared with a profit of US$112.7 million or 52 cents per share in the first three months of 2019.
This report by The Canadian Press was first published April 30, 2020.
Companies in this story: (TSX:TPX.B)
The Canadian Press