The brewery's latest earnings report shows revenues were down 10.5 percent in the U.S. between April and June as its beer brand Bud Light faced controversy.
It also reported that sales volume—the amount of beer sold—had declined 14.1 percent in the U.S. compared to the second quarter of 2022, while across the first half of 2023, volume was down 8 percent compared to the first six months the previous year.
Anheuser-Busch said that its share of the beer industry declined across the quarter"but has been stable since the last week of April through the end of June." Globally, the company performed relatively well in the quarter, with a revenue increase overall of 7.2 percent and half-year growth of 10 percent off the back of a 1.4 percent drop in volume. Budweiser, Stella Artois and Corona had a combined 18.4 percent revenue increase outside their home markets.
Simon Hales, an analyst at Citi, told MarketWatch:"Given the solid enough Q2 delivery, we expect little change to FY23E consensus earnings estimates following these results and near-term sentiment to continue to be driven by Bud Light debates as we head into a period of more shelf resets in the fall."
The Belgium-headquartered multinational insisted in its report that despite the controversy over Bud Light's association with Mulvaney and evident impact on sales, a survey of 170,000 U.S. customers it had commissioned since April found that 80 percent had a"favorable or neutral" view of the beer brand.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bad as it was, the biggest drag on Anheuser-Busch InBev profit wasn't Bud LightAnheuser-Busch InBev on Thursday reported a big drop in profit for the second quarter, and as expected results in North America suffered after consumer...
Read more »
Anheuser Busch revenue drops nearly $400 million after Bud Light controversyThe controversy surrounding Bud Light in the U.S. seriously cut into parent company Anheuser Busch’s bottom line, according to a recent report.
Read more »
Coors Light, Miller Light combined sales now '50% bigger than Bud Light': Molson Coors CEOMolson Coors beers like Coors Light and Miller Lite are devouring Bud Light’s market share amid ongoing fallout from the Dylan Mulvaney marketing campaign. FOX13
Read more »
Coors Light, Miller Lite combined sales now '50% bigger than Bud Light': Molson Coors CEOMolson Coors beer brands are swallowing Bud Light’s market share in the wake of Bud's Dylan Mulvaney marketing campaign. Molson Coors reported second-quarter earnings Tuesday.
Read more »
Coors Light brewer benefits from Bud Light's turmoil | CNN BusinessBud Light’s decline is benefiting one of its biggest rivals.
Read more »