Bud and Bud Light each “under pressure” and down mid-singles in US again, ABI ceo Brito said on Q2 conference call. That’s putting it mildly. This marked 3d qtr in a row of mid-single digits dropoff on AB’s biggest brands, over half its biz. Trends worse in scan last few mos. Bud Light down 8.4% for 12 weeks thru Jul 16 in IRI multioutlet + convenience and Bud down 7.5%. In all channels, Bud Light lost 0.9 share and Bud down 0.4 share in qtr, while AB lost a total of 1.05 share, figures AB. AB’s total shipments and STRs down about 3% in 1st half. That’s over a point steeper than each of last 3 yrs. But even as scan data shows increasing softness for AB (down 4.5% last 12 weeks), INSIGHTS could tell AB’s mgt not freakin’ out, tho not happy with share losses. Now we know why.
AB managed to grow earnings and margins, despite soft volume. Again.