(Reuters) - MillerCoors LLC, the U.S. joint venture between brewers Molson Coors Brewing Co (N:TAP) and SABMiller Plc (L:SAB), reported a 3.5 percent drop in net sales, hurt by lower demand for its cheaper brands such as Milwaukee's Best, Keystone and Miller High Life.
Net income attributable to MillerCoors fell to $429.5 million (£324.37 million) in the second quarter ended June 30, from $487.2 million a year earlier.
The company's net sales fell to $2.13 billion from $2.20 billion.
Molson Coors is set to buy SABMiller's stake in the MillerCoors venture for $12 billion following SABMiller's agreement to be acquired by Anheuser-Busch InBev (BR:ABI) for over $100 billion.