Bud Light is the one getting all of the attention, but the lager isn't the only Anheuser-Busch InBev (BUD) -) U.S. brand that is taking a major hit this summer.
Bud Light sales dropped for the 17th straight week, falling 29.3% year over year the week ending July 29 as the fallout from the company's decision to hire transgender social media influencer Dylan Mulvaney as a spokesperson.
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The sales decline is flat week to week, but still down from the peak of the boycott against the company on the week ending July 1 when sales troughed at a 32% decline year over year, according to data from Bump Williams Consulting.
But Bud Light isn't the only brand hurting. Budweiser sales were down 13% last week, Michelob Ultra was down 23% and Busch Light declined 6.4%.
Bud Light still struggling. pic.twitter.com/XgfOU6hYsa
— Brian Sozzi (@BrianSozzi) August 8, 2023
But despite months of falling sales at Bud Light, AB InBev saw global revenue rise by 7.2% even though overall volume fell by 1.4% in the second quarter.
And the company says it has seen improvement in U.S. market share trends as its brand teams "build it back" and "earn back consumers."
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But its efforts at earning back consumers seems to be a longer road back home than the company's brass expected.
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"Regardless of favorability, our consumers across all the sentiment groups have three points of feedback in common. 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," CEO Michel Doukeris said.
Meanwhile, U.S. rival Molson Coors (TAP) -) saw an 11.8% year over year increase in net sales and a 5% increase in financial volumes in the second quarter. CEO Gavin Hattersley said: "we are seeing share and market improvement everywhere, and more consumers are reaching for our beers than our competitors' beers."
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