Anheuser-Busch’s revenue has taken another hit amid the ongoing conservative boycott against the brand over partnering with a transgender influencer, according to The New York Times (NYT).
The brand’s revenue dropped 10% last quarter compared to the same period last year, The New York Times reported. The sharp drop in sales is reportedly driven by the “declining volume of Bud Light.” Anheuser-Busch has reportedly seen their operating profit nosedive by almost 30%. (RELATED: Bud Light Sales In Freefall, Report Finds)
The corporation’s other beer brands have performed better in foreign countries, helping boost revenue last quarter by 7%, per The NYT. Anheuser-Busch reportedly predicts a profit growth of 8% this year, largely stemming from price hikes.
Anheuser-Busch InBev, the beer-making giant, reported a drop in U.S. sales and profit, after a boycott of Bud Light over its collaboration with Dylan Mulvaney, a transgender influencer. Its U.S. revenue fell more than 10% last quarter, the company said.https://t.co/BzOiqQxUvL
— The New York Times (@nytimes) August 3, 2023
Morgan Stanley analysts state the new predictions “should provide relief to investors who have been waiting on the sidelines to see if the Bud Light situation would drive a reset of expectations,” The NYT noted. Still, they reportedly warn the full extent of the backlash is not known and will be revealed in Anheuser-Busch’s quarterly report.
Anheuser-Busch’s sales have plummeted since sending transgender influencer Dylan Mulvaney a personalized can as part of a purported ambassadorship deal. Sales of Bud Light fell 23.6% over 4th of July weekend compared to the same timeframe last year. Some Costco locations reportedly placed the “star of death” on the brand, indicating it would not restock it. Certain Bud Light distributors have reportedly conceded they do not anticipate the boycott to end anytime soon, and that many former customers will never return.
Anheuser-Busch reportedly announced layoffs of 350 employees amid the falling sales.
Mulvaney reportedly slammed Anheuser-Busch, claiming to feel abandoned amid the backlash.