Here's one sign of economic recovery—one of the world's largest beer producers posted a big jump in sales in the last three months compared to the same period in 2020.
Molson Coors announced $2.94 billion in net revenue from April 1 to June 30, up from $2.5 billion in the pandemic-plagued second quarter of 2020.
That amounted to a 17.4 percent increase.
“This quarter represents the best results we have had since implementing our revitalization plan nearly two years ago, and it delivered the most top-line growth of any quarter in over a decade," CEO Gavin Hattersley said in a news release.
"We’ve reached the point where the investments, partnerships and product launches that were byproducts of the revitalization plan are now bearing results, and we plan to put our foot even more firmly on the gas pedal as we drive towards sustainable top- and bottom-line growth for this business.”
Part of the reason is a quadrupling of production of hard seltzer in Canada, a new hard seltzer canning line in the U.K., and the introduction of non-alcoholic brands such as ZOA.
In addition, the company has boosted revenue through "higher above premium" products, the news release stated.
Despite the sharply higher sales, earnings before income taxes, depreciation, and amortization rose by less than one percent, reaching $697.8 million, compared to $693.3 million in the second quarter of 2020.
According to the company, the cost of goods sold per hectolitre rose 8.6 percent in the quarter compared to the same period in 2020, due t0 inflation, higher transportation and packaging materials costs, and other factors.