The world’s biggest brewer, AB InBev, has revealed a further big drop in US sales amid a boycott of its once best-selling beer.
The company’s latest quarterly results showed a 14% decline between July and September – similar to falls witnessed over the previous three months.
The reductions follow a consumer boycott of its flagship US brand, Bud Light, after it launched a marketing partnership with transgender influencer Dylan Mulvaney in the spring.
Industry data showed it had been America’s best-selling beer until the summer.
It was overtaken in market share terms by Modelo Especial, a Mexican beer.
While that brand is owned by AB InBev outside America, it belongs to rival Constellation Brands in the United States.
AB InBev, whose other brands include Stella Artois, Becks and Bass ale, reported total global sales for the quarter of $15.6bn – up 5% on the same three months last year despite “soft” demand in Europe.
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That revenue growth was driven by price hikes rather than sales volumes.
The price increases, reflecting higher ingredient and energy costs, were also bolstered by consumers opting for more expensive brews.
Shares rose by 2% at the open, with analysts crediting the announcement of its first share buyback, totalling $1bn.
It has been under pressure for years to return more cash to its shareholders and pay down debt.
Bernstein analyst Trevor Stirling said the buyback was an important psychological signal to investors that the company could hit its debt-reduction targets, while the balance between that and returning funds to shareholders was also shifting.
“And all of that despite the weakness in the United States…is a remarkable testament,” he added.
Many conservatives, including presidential candidate Ron DeSantis, stopped buying Bud Light after Mulvaney posted an ad for the brand on her social media account and shared an image of a personalised can.
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It had been sent by the company to celebrate her 365th day living as a trans woman.
Similar cans were sent to influencers across the country.
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Following the backlash she said she felt abandoned by Bud Light and was “scared to leave the house” for months.
AB InBev said at the time that it remained “committed” to its partnerships with organisations across a “number of communities – including those in the LGBTQ+ community”.