* Apr-June lager volumes down 1 pct
* Europe, North America declines outweigh Latam, Africa
* Weakness in Australia because of lost brands
* Shares down 3.9 pct, among weakest of European blue-chips
BRUSSELS, July 25 Cool weather in Europe and the
United States depressed lager sales at SABMiller, the
world's second-largest beermaker, in the April-June period,
sending its share down 4 percent.
The company, which derives two-thirds of its sales from
emerging markets, said lager volumes declined by 1 percent
versus market expectations for a 2 percent increase, although
revenues rose 2 percent on a like-for-like basis.
SABMiller shares were down 4 percent at 1306 GMT, making
them among the worst performers in the FTSEurofirst 300 index
of leading European shares. .
However, they are still the best performing shares of the
top brewers in the year to date, up 10.2 percent against a 4.5
percent gain of the STOXX 600 European food and beverage index
"Clearly, poor weather has had a major impact on the quarter
and is set to be a theme for the other European beverage names
as we enter the reporting season," said Jefferies analyst Dirk
Van Vlaanderen in a note.
Chief Executive Alan Clark said while first quarter revenue
growth was held back by the weather this was offset by continued
growth in Latin America and Africa.
The maker of the Miller brands, Grolsch and Peroni Nastro
Azzurro said lager volumes grew 2 percent in Latin America and
rose by 8 percent in Africa outside South Africa.
In Europe, where there was flooding in eastern countries,
sales volumes dropped 7 percent, while in the United States its
MillerCoors venture with MolsonCoors suffered a 4.4
percent drop in sales to retailers.
The Asia-Pacific region was also muted, but principally due
to the loss of brands it had been brewing under licence, such as
Corona and Carlsberg. The loss followed SABMiller's 2011
purchase of Foster's.
SABMiller said that if these discontinued Australian brands
had been excluded, then overall group volumes would have been
flat and revenue per hectolitre would have risen by 3 percent
rather than the 2 percent reported.