On Thursday, Anheuser-Busch InBev reported record revenues for 2023. However, the company also acknowledged that it lost considerable sales in the US. The famous beer maker had partnered with a transgender influencer to promote its renowned beer brand, Bud Light. However, the campaign faced a considerable backlash and a drop in sales as millions boycotted Bud Light. When the company had a tepid response to the boycott, it faced backlash from LGBTQ+ advocates.
Organic revenue, considered the best performance measure, fell by $1.4 billion in North America. The dramatic decline was due to the fall in sales of Bud Light. AB InBev earns its most significant revenue from beer sales. Its flagship American brand, Bud Lite, which was the leader for beer sales in the US for more than two decades, lost a vast base of web fans who are beer drinkers, and sales of Modelo, a Mexican lager, increased as these fans switched brand loyalty.
CEO Michel Doukeris told investors that Bud Light had regained only 1.2 percentage points of the market share it had lost. He also said the brand was recovering about 0.1 to 0.2 percentage points in three to four weeks.
Earlier on Wednesday, AB InBev had some good news: It reached a potential agreement with Teamsters. This averted a walkout by 5,000 US workers that would have occurred at midnight on Thursday.
Anheuser-Busch had raised beer prices, leading to an increase in revenue, although the overall sales declined in 2023. Sales in the US saw a 17 percent decline that has been attributed to the boycott of Bud Light by millions of Americans after the company sponsored transgender influencer Dylan Mulvaney.
The world’s biggest brewing company is optimistic about its future sales as rising prices offset the decline in sales. However, analysts remain cautious, as US sales in the final quarter of 2023 remained weaker than expected. The boycott has not precisely been lifted, though sales are improving.
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