Volumes down, revenues up
On 27 April 2010, Grupo Modelo, the major brewer in Mexico, reported that its export volume slightly increased 0.6 percent during the first three months 2010 compared to the same period last year. Export sales totalled 3.1 million hl beer.
Grupo Modelo also thought it worthwhile mentioning that beer volumes in the U.S. remained stable during the quarter, not least thanks to the economic recovery observed in the month of March, but also due to Grupo Modelo’s new packages, which scored good results as they seem to offer a better value proposition to consumers.
Because of the poor performance of the Mexican domestic market, exports represented 28.5 percent of the total sales mix, compared with the 27.2 percent registered in 2009.
Net revenues increased 3.6 percent to MXN 17.6 billion. Domestic sales showed a 3.4 percent growth driven by the 9.6 percent price increase in price per hl, which reflects the adjustments in prices carried out last year.
Export revenues grew 4.1 percent driven by the 3.6 percent price increase per hl as a consequence of the effect of the depreciation of the Mexican peso against the dollar.
Grupo Modelo said that export sales for the quarter were stable year-on-year at USD 525 million.
Crown Imports, LLC, the Grupo Modelo- Constellation joint venture in the U.S., registered net revenues of USD 462 million (EUR 350 million) and an operating profit of USD 78 million (EUR 59 million).
