Bud Light boycott takes fizz out of brewer’s earnings – Gist It

Bud Light boycott takes fizz out of brewer’s earnings

Bud Light’s recent boycott has led to significant losses in U.S. sales and profits, according to Anheuser-Busch InBev, the beer’s parent company.

Impact of the boycott: Anheuser-Busch InBev reported a loss of $395 million in North American revenue between April and June, equating to a 10.5% dip in U.S. revenue compared to last year.
* This financial fallout began after Bud Light entered into a deal with transgender influencer Dylan Mulvaney, sparking a conservative backlash and boycott led by figures such as Kid Rock.
* Following the backlash, Anheuser-Busch issued an apology and placed two marketing executives on leave, a move that led to criticism from LGBTQ+ advocates.

The aftermath: The boycott caused the beer brand, already on a decline in the U.S., to lose its top-seller spot to Modelo.
* Anheuser-Busch has since been focused on rebuilding its American presence through new expenditure on U.S. marketing and deals with distributors.
* Even so, it reported a more than 28% drop in U.S. earnings before interest, taxes, depreciation and amortization in the latest quarter, with sales to retailers and wholesalers declining 14% and 15% respectively.

Looking forward: Despite the U.S. losses, the company has seen growing sales elsewhere in the world and remains optimistic about future profit growth.
* Global sales rose due to higher prices and greater demand for its more upscale beer, contributing to the company’s forecast of up to 8% profit growth for the year.
* Anheuser-Busch InBev shares experienced a rise following the company’s report, which exceeded Wall Street’s expectations.

View original article on NPR

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