Molson Coors’ lackluster share performance was a driving factor in the company’s soft Q2 and lowered full-year expectations. However, leadership was still able to pull out some positivity during Tuesday’s call with investors and analysts.
Molson Coors’ “core power brands” Coors Light, Miller Lite and Coors Banquet “have retained the unprecedented shelf space gains achieved in spring of 2024,” with a collective 15.2% share of total U.S. beer volume through the first half of 2025, up from 13.4% three years ago, Molson Coors CEO Gavin Hattersley said.
Among the three, Coors Banquet is the strongest growth driver, with 16 consecutive quarters of share growth. The offering was also a “top-five volume share growth brand” in Q2, Hattersley shared.
Additionally, Coors Banquet still has “significant distribution runway,” with “only about half the buying outlets” of sibling brand Coors Light, according to Hattersley. Through the first half of 2025 (H1), Banquet has increased its distribution footprint 15% – nearly as much as the brand gained in full-year 2024.
Coors Banquet dollar sales (+15.9%) and volume (+13.1%) are both up double-digits in NIQ-tracked off-premise channels year-to-date (YTD) through July 12, according to data shared by 3 Tier Beverages. The offering has also increased share of total beer dollar sales and volume +0.2 share points, to 1.1% and 1.4%, respectively.
Also on the up is former Italian import brand Peroni, which Molson Coors owns the production and distribution rights to in the U.S. (internationally owned by Asahi). Peroni is considered an above premium brand – a segment where Molson Coors underindexes and sees opportunity, Hattersley said.
Last year, Molson Coors announced it would move production of Peroni Nastro Azzurro for U.S. sales to its brewery in Albany, Georgia. The non-alcoholic extension of the high-end beer brand, Peroni Nastro Azzurro 0.0%, is still produced in Italy.
YTD, Peroni Nastro Azzurro’s dollar sales are up 3.4%, while volume is flat, according to data shared by 3 Tier Beverages. Combined with Peroni 0.0, the collective brand’s dollar sales have grown 7% YTD, with volume growing 2.9%. However, the brand recorded notable losses in the last four weeks (dollar sales -6.3%, volume -16.7%).
Hattersley also noted that Peroni is one of the company’s strongest growth brands in the on-premise channel, along with Blue Moon Belgian White and Coors Banquet.
While maintaining most of their share of total beer, Coors Light’s and Miller Lite’s scans aren’t quite as sunny, with both brands recording single-digit losses YTD: Coors Light dollar sales -5.4%, volume -6.9%; Miller Lite dollar sales -6.9%, volume -7.8%. Declines accelerated slightly in the last four weeks: Coors Light dollar sales -6.3%, volume -8%; Miller Lite dollar sales -7.4%, volume -8%.
As reported yesterday, Molson Coors’ collective financial volumes, or sales to wholesalers (shipments) declined 7% in Q2, while brand volume, or sales to retailers (depletions) were down 5.1%. Through the first half of the year, Molson Coors’ shipments are now down 10.2%, while depletions have declined 6.4%.
Hattersley said Molson Coors is “not expecting to see significant activity” in shelf gains during fall resets “based on what we’re seeing and what we’re hearing.
“Where retailers have made shelf changes to accommodate other brands, they’ve made in the flavor space and the craft space primarily,” Hattersley said. “I would say they haven’t based it in the traditional beer space.”
Hattersley was also asked Tuesday if there are any updates on his successor, after news broke in April that he plans to retire at the end of the year. Hattersley said the CEO search process is “well underway” and that the company’s board has “made significant progress,” exploring both internal and external candidates. No other details or timeline were shared.
“Obviously, [the board’s] navigating the process very thoughtfully, given my planned retirement by the end of the year,” Hattersley said.
“In terms of capabilities, the board is paying a lot of attention to both relevant business leadership experience, along with a cultural fit,” he added.
Catch up on our previous coverage of Tuesday’s call and Molson Coor’s Q2 performance here, including details on revised guidance and the impact of increased aluminum prices.