Missed a genuine opportunity?
It has not been a good first quarter for Miller Brewing Co. While Anheuser-Busch and Coors reported first quarter profits to be up, Miller announced an 18.4% drop to US$124m in operating profits compared to a year ago. Beer production fell 5.3% to 9.4m barrels. This comes after a so-so year 2000, during which Miller’s sales volume declined 2.6% to 40.6m barrels, partly due to price increases for its biggest selling brands Miller Lite, Miller Genuine Draft and High Life. However, it was these price increases which helped to raise revenue 2.4% to US$4.25 bn. Operating income was also up 5.4% to US$543m. Despite the price increase, sales of Miller Lite, Millers No 1 brand, remained flat in 2000, while sales of Miller Genuine Draft (MGD), its No. 2 brand were down 4.8%. Sales of No.8%..
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