Bud Light sales continue to plunge, as Anheuser-Busch insists US still has 'favorable' view of brand
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Anheuser-Busch InBev on Thursday reported a steep drop in profits amid the ongoing boycott against Bud Light, but the company insists U.S. consumers still have a generally favorable view of the beer brand.
The company announced that its U.S. revenue dropped 10.5% in the second quarter, while its earnings before taxes, interest and depreciation fell 28.2%. The second quarter covered April through the end of June and offers the first look at the damage caused by the Bud Light boycott, which began in April.
Anheuser-Busch accompanied the grim numbers with a survey of some 170,000 consumers across the U.S., saying it found a majority remain favorable toward the Bud Light brand, while 80% are favorable or neutral.
"Regardless of favorability, our consumers across all sentiment groups have three points of feedback in common," Anheuser-Busch InBev CEO Michel Doukeris said on an earnings call. "One, they want to enjoy their beer without a debate. Two, they want Bud Light to focus on beer. Three, they want Bud Light to concentrate on the platforms that all consumers love, such as NFL, (veteran charity) Folds of Honor and music."
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Anheuser-Busch announced a steep drop in profits due to the ongoing boycott against Bud Light, but the company insists U.S. consumers still have a generally favorable view of the beer. (Rob Carr/Getty Images / Getty Images)
Despite the drop in Bud Light sales, Anheuser-Busch reported an 18.4% increase in combined revenues of its global brands including Budweiser, Stella Artois and Corona.
Other beers, including Coors Light and Miller Lite, have rapidly consumed Bud Light's market presence since the brand enlisted transgender activist Dylan Mulvaney for a marketing campaign, sparking criticism and the boycott push.
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On Tuesday, rival Molson Coors reported an 11.8% surge in net sales over the second quarter and a 5% jump in financial volumes, with U.S. increases reflecting a shift in consumer purchasing behavior.
Alternative beers like Coors Light and Miller Lite have rapidly consumed Bud Light's market presence since the brand enlisted transgender influence Dylan Mulvaney for a marketing campaign. (Patrick McDermott/Getty Images / Getty Images)
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"We are seeing share and market improvement everywhere, and more consumers are reaching for our beers than our competitors’ beers," Molson Coors CEO Gavin Hattersley said on an earnings call Tuesday.
"Coors Light and Miller Lite are now 50% bigger than Bud Light by total industry dollars," he continued. "Last year, Bud Light was bigger than both. Retailers are making space for our brands as demand increases."
Bud Light has faced intense backlash from longtime customers over recent campaign with transgender activist Dylan Mulvaney. (Instagram/Fox News / Fox News)
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Meanwhile, Bud Light has sought to recoup its top spot by leaning into football, country music and other quintessential American favorites in its new advertising.