Anheuser-Busch InBev has reported a rise of 2.6% in first-quarter sales, in line with forecasts, but the impact of a roughly year-old U.S boycott of key brand Bud Light continued to hurt the brewer.
AB InBev also sold slightly more beer than anticipated, with volumes falling 0.6% versus the 1% anticipated by analysts. Own beer volumes declined by 1.3%, while non-beer volumes rose by 3.5%
The company, which makes Stella Artois and Corona beer, said growth in the Middle Americas, South America, Africa and Europe was offset by a worse performance in the Asia-Pacific region and North America.
'Encouraging Results'
“The strength of the beer category, our diversified global footprint and the continued momentum of our megabrands delivered another quarter of broad-based top- and bottom-line growth," commented Michel Doukeris, chief executive, AB InBev.
"We are encouraged by our results to start the year, and the consistent execution by our teams and partners reinforces our confidence in delivering on our 2024 growth ambitions.”
The company said that its megabrands grew by 6.7% in combined revenue, with Corona leading the way, growing by 15.5% outside of its home market.
Bud Light Boycott
AB InBev sales in the United States have been hit hard by a consumer boycott of Bud Light that knocked it from the top spot as the best-selling U.S. beer.
It has now been about a year since the boycott began, meaning that the three months to end-March should be the final quarter of comparative challenges for the Budweiser maker.
Figures from a year ago will include it from here on out, making for easier comparative numbers.
Additional reporting by ESM
