Fluctuating markets hit SABMiller global sales

SABMiller, the world's largest brewer, said yesterday that volumes of lager and soft drinks fell by 1 per cent in the three months to the end of June as gains in emerging markets were offset by falls in richer countries.

SABMiller's chief executive, Graham Mackay, said lager volumes rose 7 per cent in Africa and 4 per cent in Asia but fell 9 per cent in Europe. In the United States, the MillerCoors joint venture reported a 2.4 per cent decline in sales to retailers. The figures exclude the impact of acquisitions and disposals.

"Recent excise-related price increases and, in the first two months, the timing of Easter, poor weather, and specific events in Poland and Colombia held volumes back in a number of key markets," Mackay said at the company's annual meeting.

"Overall, the financial performance of the group in the quarter was in line with our expectations," he added.