Molson Coors reported stronger beer sales in the first quarter, defying broader consumer confidence declines. CEO Rahul Goyal told analysts Thursday that both the number of shopping trips and buyers increased during the period, even as sentiment weakened across the broader market.

Goyal attributed some of the pressure to the conflict in Iran, which has pushed fuel prices higher. "Macro uncertainty continued to put pressure on input costs and consumer behavior, especially lower-income consumers for beer," he said. The company, which owns Coors Light and Miller High Life, navigated these headwinds to post solid results.

Molson Coors posted first-quarter profit of $151.3 million, or 80 cents a share, for the quarter ended March 31. That compares with $121 million, or 59 cents a share, a year earlier—a notable improvement as the beer giant managed through a challenging consumer environment.