Cost of goods sold (COGS) per hectoliter increased approximately 13 percent in local currency, driven by fixed-cost deleverage from lower volumes, input inflation, higher pension expense, a mix shift toward higher-cost packages and brands, and the impact of cycling positive accounting and employee-related adjustments from 2011 that did not repeat in 2012, partially offset by strong cost savings.Marketing general and administrative (MG&A) expense decreased nearly 17 percent in local currency, resulting from lower marketing and sales investments, partially related to fewer NHL opportunities, along with the benefit of general and administrative savings initiatives.
Molson Coors Reports Higher Net Sales And Lower Underlying After-Tax Income For The Fourth Quarter 2012
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