Crying into their beers
No more Samba for Molson’s executives after the brewer announced that a sharp decline in Molson’s Brazilian sales during the final quarter of 2003 would prevent the company from meeting its 14.5 percent growth target for the full year ending 31 March 2004. Instead the company is now expecting EBIT to rise between 0 percent and 2 percent, to between CAD512 million and CAD520 million.
The volume of sales in Brazil in the October-December quarter was down 23 percent from a year earlier, which Daniel O’Neill, Molson’s President and CEO, explained by saying that the time needed to revamp the sales force in Brazil had taken much longer than expected. One analyst was quoted as saying that Molson’s brands in Brazil were "tired" (i.e.
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