Each of our core brand families contributed to this record achievement. In particular, Bud Light continued its outstanding sales performance, delivering its eighth consecutive year of double-digit growth.
More Quotes from Patrick Stokes:Both the company and the domestic beer industry have experienced volume declines and significant cost pressures.
Through a number of sales initiatives, we have restored our domestic beer volume growth momentum.
We have restored the volume growth momentum of our domestic beer company. We are in the process of restoring revenue per barrel growth through the implementation of our 2006 price plan, and are working to restore cost stability through a number of cost reduction programs. With our substantial leadership position and competitive advantages in domestic beer and our important strategic positions in key high growth markets internationally, we are confident we will restore our profit growth in 2006(1) and beyond.
We've had a challenging year in the domestic beer business and our 2005 sales and earnings per share were disappointing. However, as we move into 2006 we are encouraged with the progress of the company's initiatives to enhance beer volume and market share growth.
We remain confident in our ability to consistently achieve annual double-digit earnings per share growth over the long-term, with a 12 percent average annualized target through 2004,
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