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Molson Coors reports drop in sales, net income for fiscal 2019

The Chicago-based company's full-year net income dropped 78.4% to $242 million in 2019, a sharp decline from $1.1 billion in 2018.

DENVER — After announcing a new revitalization plan in late October, Chicago-based Molson Coors Beverage Co. (NYSE: TAP) reported declines in its worldwide brand volume, net sales revenue and net income for its fiscal 2019.

“We know we have a lot of work still to do," Molson Coors president and CEO Gavin Hattersley said in a press release. "That’s why last quarter we announced a plan to get Molson Coors back to consistent top line growth. The plan is designed to streamline the company, allow us to move faster, and free up resources to invest in our brands and capabilities. As promised in October, we’ve wasted no time in implementing the plan.”

Under its restructuring plan, Molson Coors consolidated its operating units into European and North American branches, while dropping the corporate MillerCoors name. The company also announced it would close its Denver headquarters and move hundreds of corporate jobs to Chicago and Milwaukee.

In fiscal 2019 Molson Coors full-year net income declined 78.4% to $242 million, or $1.11 earnings per share, from $1.1 billion, or $5.15 earnings per share, in 2018.

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