Anheuser-Busch InBev on Thursday reported a big drop in profit for the second quarter, coming on the back of poor Bud Light sales and the backlash over a shared campaign with transgender influencer Dylan Mulvaney.
AP reports the world’s largest brewer said revenue in the United States declined by 10.5 percent in the April-to-June period year-on-year, “primarily due to the volume decline of Bud Light.”
In dollar terms, revenue fell $395 million in North America during the period, compared to the same time a year ago, and came after the company initially tried to downplay the hit it took by associating with Mulvaney.
Michel Doukeris, CEO of the global brand Anheuser-Busch InBev, sought to downplay the impact the Dylan Mulvaney partnership has had on Bud Light. https://t.co/L0D9Vgb21N
— Breitbart News (@BreitbartNews) July 21, 2023
As a consequence it lost its place as America’s best-selling beer after more than two decades, slipping into second place in June behind Modelo Especial.
FLASHBACK : Video Shows NO ONE at Bud Light Stand at Red Sox Game
Credit: @luistejadabostonrealtor/LIFESTYLOGY /TMXThe company faced a national backlash in April after sending a commemorative Bud Light can to Mulvaney, a former gay man who now claims to be a woman, who posted it to millions of social media followers, as Breitbart News reported.
The move quickly became a public relations meltdown — and sales fiasco — for the brand and its various other partners.
A glass bottling company has reportedly laid off over 600 employees in the wake of the fallout over Bud Light’s Dylan Mulvaney partnership. https://t.co/u8ek6xmWhF
— Breitbart News (@BreitbartNews) July 3, 2023
The beer giant said overall revenue rose 7.2 percent in the second quarter, to $15.1 billion, from the same period a year ago as global brands such as Stella Artois and Corona made up for the loss in Bud Light sales, the company said in a statement.
It confirmed normalized earnings before interest, taxes, depreciation and amortization rose five percent to $4.9 billion.
The profit drop announcement came just 48-hours after Anheuser-Busch revealed it has laid off almost two percent of its U.S. workforce, eliminating 360 jobs, as Breitbart News reported.
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