Lion full-year earnings fall 21% as industry undergoes craft beer revolution

Tue, 08 Mar 2016

By Edwin Mitson March 2 (BusinessDesk) - Lion - Beer, Spirits and Wine (NZ), New Zealand's largest brewer, posted a 21 percent decline in full-year earnings as the industry adjusts to a market that's seen a rise in craft beers and where people are choosing to drink less. Pretax earnings fell to $55.6 million in the 12 months ended Sept. 30, from $71.2 million, according to Lion's financial statements. Sales fell 5.2 percent to $535 million. Lion says earnings rose 5 percent excluding one-time costs. In February, Lion said sales volume...

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