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Molson Coors cheering on Habs but sees weaker hockey impact this year

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Molson Coors cheering on Habs but sees weaker hockey impact this year by Ross Marowits, The Canadian Press Posted May 7, 2014 11:03 am MDT MONTREAL – Molson Coors is enthusiastically cheering on the Habs but having just one Canadian hockey team make a playoff run this year is bound to hurt beer sales, the brewer said Wednesday.“The Canadian beer businesses would have been better off with more Canadian teams in the playoffs,” Molson Coors Canada CEO Stewart Glendinning said, noting that Ontario sales were helped by the Toronto Maple Leafs being in the first round last year.The Montreal Canadiens lead the best-of-seven second-round series against the Boston Bruins 2-1. Last year, four Canadian teams — Montreal, Toronto, the Vancouver Canucks and Ottawa Senators — made the playoffs with only the Senators reaching the second round.Glendinning wouldn’t quantify the financial impact of the NHL playoffs.“This doesn’t make or break a year, let me clear about that, but it has an impact,” he said in an interview after the brewer released strong first-quarter results.He said any sport success drives sales, including the Toronto Raptors whose basketball playoff run ended in a close seventh game, but hockey is “religion in Canada” and especially important.Glendinning said the Habs success this year will have some impact on sales in Quebec, but won’t necessarily boost consumption in the rest of Canada.The Denver and Montreal-based company, which reports in U.S. dollars, handily beat expectations as its first-quarter profit surged in part due to an improved performance in Canada despite weakness in the flagship Coors Light beer brand.Molson Coors (NYSE:TAP, TSX:TPX.B) earned $163.4 million or 88 cents per diluted share for the period ended March 31. That compared with $28.5 million or 16 cents per share a year earlier.Adjusting for one-time items, including $63.2 million received for the early termination of a joint venture with Modelo, underlying income more than doubled to $102.2 million or 55 cents per share, compared with $47.5 million or 26 cents per share in the 2013 quarter.Net sales decreased 1.5 per cent to $816 million, but was up 0.3 per cent excluding currency fluctuations. Worldwide beer volume decreased slightly to 11.9 million hectolitres.Molson Coors had been expected to earn 35 cents per share in adjusted profits on $818.4 million of net sales, according to analysts polled by Thomson Reuters.Sales in the quarter were helped by the social media success of the Molson Canadian red fridge at the Sochi Olympics, even though the time difference limited the sales benefit of the Winter Games, Glendinning said. The Molson Canadian brand enjoyed its third consecutive quarter of market share growth.“Our strong focus on our core brands, portfolio shift to above premium and value-creating innovation is paying dividends,” CEO Peter Swinburn said during a conference call.In Canada, the company earned $88.3 million in pre-tax income on $347.1 million of net sales despite weak consumer demand and promotional challenges. Underlying pre-tax income increased 20.5 per cent to $35.3 million, while the lower Canadian dollar reduced profits by $2.4 million.Sales to retail decreased 5.7 per cent due to a variety of factors, including weaker consumer demand, promotional challenges and the loss of the Modelo brands. Excluding this brand loss, which represented a one per cent reduction on overall company profits, Molson Coors said its Canadian market share decreased 0.5 per cent as Coors Light lost some ground to Bud Light.Glendinning said two new products will be launched in limited distribution across the country this summer and later in the year. He declined to provide details, but said they are designed to attract non-beer drinkers. The brewer is also introducing Molson Canadian Stone Fruit Cider, a peach-apricot version of its original blend. Cider and ready-to-drink coolers were the only alcohol categories to grow last quarter as beer, spirits and wine all experienced decreases.Overall, he said the brewer performed “relatively well” in Canada last quarter with all brands aside from Coors Light doing well. The brewer gained market share in lower-priced value beers and craft Creemore and Granville Island brands.New advertising will soon be launched to boost Coors Light sales this summer that will attempt to grab people emotionally instead of last year’s focus on cold beer. He also said the brand’s drag can also be partially blamed on some consumers switching to Coors Banquet.Molson Coors plans to invest an extra $40 million this year, raising spending in Canada to more than $100 million on initiatives that cut costs and improve efficiencies.Earnings in the U.S. increased 4.9 per cent to $123.1 million, while Europe swung to a $16.2 million profit as brands gained market share in markets outside Russia and Ukraine, which were hurt by political unrest.Analyst Mark Swartzberg of Stifel Nicolaus said he was encouraged by the 20 per cent increase in EBITDA in the quarter and the company’s capital discipline since introducing a new dividend payout target of 18 to 22 per cent of pre-tax operating income.On the New York Stock Exchange, Molson Coors shares gained $2.16 or 3.6 per cent to US$61.93 in afternoon trading. They were up $2.22 at C$67.52 in Toronto.Follow @RossMarowits on Twitter read more

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Pharmacists ordered to do checks on care homes amid fears elderly are

first_imgShe said:  “Our overstretched NHS is crying out for solutions and this one is bang on target.”Too often, elderly patients were put on extra drugs, without being taken off existing medication, leaving many taking dangerous combinations, she said.“Medicines get added to prescriptions over time to treat different problems and before you know it residents are on a cocktail of drugs which interact badly, make them ill and lead to unnecessary hospital admissions,” she said.New figures from NHS Digital show the number of prescriptions issued for antidepressants continues to rise, with a doubling from 33.8 million in 2007 to 67.5 million prescriptions last yearMeanwhile, the number of prescriptions for opiate-based painkillers rose by 78 per cent from 13.4 million to 23.8 million prescriptions over the same period, while prescriptions for statins rose by 53 per cent, from 47.4 million to 72.6 million.Last month a new study found deaths from addictive painkillers have almost doubled in a decade as trends in Britain follow “alarming” US patterns.The study led by University College London Hospital found a sharp rise in prescribing of opioid drugs, despite repeated warnings that the drugs should not be given for long periods because of their addictive qualities.It came after ministers ordered a landmark review of prescription drug addiction, amid concern over the rising number of people becoming hooked on painkillers, anti-anxiety drugs and antidepressants in midlife and old age. Show more They are concerned that vulnerable people are being left for years on a cocktail of drugs, leaving them heavily sedated or exposed to dangerous side-effects which are risking lives and fuelling hospital admissions.The average care home resident takes seven drugs, with medication for dementia, high blood pressure, heart disease and diabetes among those commonly taken.But some of the drugs interact with each other, while others, such as opiate-based painkillers and sleeping pills, can become addictive or cause major health problems. One in ten pensioners over the age of 75 is on at least 10 different drugs, NHS prescribing data shows, with statins, sleeping pills and opiates among the most common medications.Health officials are to fund 240 pharmacists and pharmacy technicians to go into care homes across the country, working with GPs, starting by assessing the medication of around 180,000 patients.   Pharmacists are to carry out checks on every care home in the country amid fears that thousands of elderly people are being subjected to the ‘chemical cosh’.Simon Stevens, the head of the NHS, will today order the deployment of hundreds of pharmacists to review medication being routinely doled out.The chief executive raised fears that a generation of pensioners has become increasingly doped up on a cocktail of drugs, causing more harm than it solves, fuelling record hospital admissions.He spoke as new figures show the number of prescriptions issued for painkillers and anti-depressants have almost doubled in a decade, with 91 million issued last year.Mr Stevens told The Telegraph: “There’s increasing evidence that our parents and their friends – a whole generation of people in their 70s, 80s and 90s – are being overmedicated in care homes, with bad results.“Let’s face it – the policy of ‘a pill for every ill’ is often causing frail older people more health problems than it’s solving,” he added, as he outlined a new national policy to review the medicines issued to residents of care homes across England.center_img Pilot NHS schemes in six areas of the country found such checks could reduce hospital admissions by up to a fifth and ambulance call outs by a third.One scheme found that every 12 reviews resulted in one less patient ending up being readmitted to hospital, after being discharged to a care home.Sandra Gidley, chairman of the Royal Pharmaceutical Society, welcomed the schemes, which will be rolled out across the country. Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. A whole generation of people in their 70s, 80s and 90s are being overmedicated in care homes, with bad resultsSimon Stevenslast_img read more