The beer industry remained "extremely challenging" in the first half of the year, due to sluggish sales from a weak economy and poor weather, the head of US brewer Adolph Coors said on August 14. “The market softness had begun late last autumn and continued through June,” President and chief executive Leo Kiely said. However, “the company was focussing on things to help business in the long term,” Kiely said talking to shareholders at the AGM. The economy he said had seen more people buying value packs and fewer purchasing beer in restaurants. But Coors, Kiely said, was continuing to reduce costs, increase volumes while improving margins and accelerate cash flow so it could stay on its schedule of debt repayments.

19 August, 2003