Molson Coors, brewer of Miller Lite and Coors Light beers, reported Tuesday its single best quarter of revenue since its 2005 merger, as drinkers continue to shift their allegiance away from the Anheuser Busch-made beer.
In a release, Molson Coors said that combined U.S. sales of its two flagship beers outsold Bud Light by 50% in the second quarter and were 30% higher than Modelo Especial, which overtook Bud Light sales in May and June. That’s a drastic change from the same quarter a year ago, when Bud Light sales were higher than Coors Light and Miller Lite sales combined.
Molson Coors also hiked its full-year guidance to “reflect the continued strength we are seeing in our core brands in the U.S.” Since then, sales of Bud Light have been consistently falling by more than 20% every week since April. In May, the seemingly unthinkable happened: Modelo Especial displaced Bud Light from its top-selling spot in the United States for the first time, ending a roughly two-decade run for Bud Light. The trend continued in June.
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