Molson Coors grew net sales by 6.1% year-over-year in Q4, according to the company’s latest earnings statement. With the results, the brewer finished 2023 on a high note, growing its full-year net sales by 9.4%. During its Q4 earnings call, the alcoholic beverage giant emphasized its heavy investment into marketing, with spending increasing over $50 million in the fourth quarter.
The company’s core brands, Coors Light and Miller Lite, saw significant retail growth, with U.S. brand volumes for both of the brands growing close to double digits. Coors Banquet, which has been featured in shows such as “Yellowstone” and “Cobra Kai” saw volume growth of nearly 20% in 2023. The brand has grown industry share for 11 straight quarters.
Molson Coors’ strong earnings results come as competitor Anheuser-Busch InBev’s Bud Light continues to struggle on the heels of controversy following its partnership last spring with transgender influencer Dylan Mulvaney, a move that spurred consumer boycotts. While AB InBev has yet to post its Q4 earnings, the brewer in the third quarter saw sales-to-retailers decrease by 16.6%, primarily due to the volume decline of Bud Light. The continued struggle could benefit Molson, with the company alluding to the competitor’s struggles within its earnings report.
“Molson Coors was well positioned to benefit from the significant shifts in consumer purchasing habits, largely in the U.S. premium segment in 2023,” the earnings report read, maintaining that the shifts in the industry “have become structural.”
A key marketing focus for the brewer was leveraging addressable channels and data to help retain existing drinkers and attract new ones, along with continuing its push into live sports, per the earnings call. Executives also announced plans to support its growing line of beer alternatives like Simply Spiked Lemonade, which launches in the U.S. this month, and its “new-to-the-world” innovation, Happy Thursday.
“We've gotten great responses from retailers for both of these launches, and we plan to support them with strong marketing and sampling activations in every region of the country this spring and summer,” said Gavin Hattersley, president and CEO of Molson Coors, during the earnings call.
In a recent display of its marketing bets, Molson Coors advertised in Super Bowl LVIII with a 30-second commercial highlighting Coors Light. The ad notably marked the return of the Coors Light Chill Train, a silver bullet train concept first introduced in 2005. To celebrate its return, consumers for the first time could book a seat online to be virtually placed on the beer train and appear in a slo-mo version of the spot.
