The COVID-19 pandemic continues to put significant strain on Molson Coors' (NYSE: TAP) business. That's the main takeaway from the alcoholic beverage giant's latest financial update, which covers the months of April, May, and June, spanning the biggest impacts yet on bar and restaurant closings.
The sharp drop in customer traffic at these establishments pushed sales volumes down 12% compared to a 2% decline in the prior quarter, Molson Coors said.
The slump was most pronounced in Europe, where sales dove 21%. But the U.S. business also shrank by a brutal 8%. Executives estimate that on-premises sales fell to essentially zero during the period, leaving the supermarket and retailing channels to provide all of Molson Coors' revenue production.