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* Q1 EPS ex-items 47 cents vs Street's 42 cents
* Sales rise 0.1 pct to $691.4 mln, misses estimates
May 8 (Reuters) - Molson Coors Brewing Co reported a better-than-expected first quarter profit on Tuesday, helped by price increases.
The maker of Molson Canadian, Coors Light and Blue Moon beers said net income was $79.4 million, or 44 cents a share, in the first quarter, compared with $82.6 million, or 44 cents a share, a year earlier.
Excluding items, the company earned 47 cents a share, beating the analysts' average estimate of 42 cents a share, according to Thomson Reuters I/B/E/S.
Sales rose 0.1 percent to $691.4 million, while analysts expected $703.8 million.