The stock lost 4% earlier in the week after the brewer reported a cloudy outlook for the current quarter. Profits in Canada and other markets took a hit in Q3, and the company expects Q4 to be the toughest of the year. As CEO Peter Swilburn explained:
“Whether it’s people not actually physically going to the venues and consuming there, consuming in venues around the outlet before that, or indeed having NHL sort of parties at home, all of those occasions have disappeared off the map and you just can’t replicate them.”
Plus, it’s not just an issue of consumption. The all-but canceled season hurts the company’s marketing reach as well. In fact, Molson is planning to seek financial compensation from the league because of the lockout’s negative impact.