- Second quarter sales rise +7.2% to US$15.1bn; H1 revenues up +10%
- US revenues in double-digit decline, driven by Bud Light
- Robust growth elsewhere, especially in Mexico, China and South Africa
Revenue growth for Anheuser-Busch InBev slowed in the second quarter, as sales in the US endured a tough three months thanks to the consumer backlash against Bud Light.
Nonetheless, revenues for the first half of 2023 rose +10% thanks to the +13.2% sales hike recorded in the first quarter, with volumes down -1.3% for the quarter, and essentially flat for the half.
AB InBev highlighted the impressive second-quarter +18.4% revenue growth rate for its global brands Budweiser, Stella Artois and Corona outside their respective home countries, coupled with sales increases for the company as a whole in more than 85% of its markets.
Meanwhile, revenue per hectolitre was up +9% thanks to “pricing actions, ongoing premiumisation and other revenue management initiatives”, the company said.
Revenues in the US fell -10.5% in the second quarter, with sales to retailers and wholesalers declining at an even faster rate, primarily due to a volume slump for the Bud Light brand, which suffered a backlash following the furore involving transgender influencer Dylan Mulvaney.
There were robust performances elsewhere, with revenues moving up strongly in Mexico (low teens), Colombia (high single digits), Brazil (+9.4%), Europe (high single digits) and South Africa (high teens). China posted impressive revenue growth of +19.4% thanks to double-digit volume gains.
AB InBev said its above-core beer portfolio had recorded a sales increase of more than +10% in the three months, led by the company’s global brands and strong growth for Modelo in Mexico and Spaten in Brazil.
No-alcohol brands enjoyed another buoyant quarter, with revenue gains of about +30%, while AB InBev’s ‘Beyond Beer’ business contributed sales worth more than US$385m in the quarter, despite continued softness for malt-based hard seltzers in the US.
Anheuser-Busch InBev’s official Q2 results announcement
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