At the same time, the company still posted a profit of about $81 million to start the year. But there are deep underlying problems. Craft beer is clearly hurting all big brewers, not just Molson Coors. And globally, the strong dollar is hurting exports and Europeans are buying less beer as their economy suffers.
Sales of Coors Light, one of the company’s most important brands, continued to decline. A marketing overhaul has just begun for that product. And the craft-like Blue Moon brand is a bright spot for the company, which is building a 26,000-square-foot brewery and tap room in Denver.