AB InBev stock drops as analysts look for ‘stabilization’ in Bud Light sales declines

Shares of Bud Light parent company Anheuser-Busch InBev (BUD) are down 7.6% since the company reported earnings May 4 as the Dylan Mulvaney controversy continues to weigh on the beer giant’s sales.

Bud Light sales during the week of May 6 declined 23.6% compared to the same time period last year, according to data from Bump Williams Consulting and Nielsen NIQ cited by Evercore ISI.

That’s a slightly larger decline than the prior week ending April 29, which saw Bud Light sales down 23.4% year-over-year. Following the initial boycott, sales were down 6.9% for the week ending April 8.

It’s the fourth straight week of declining sales for Bud Light — and comes after Mulvaney, a transgender influencer and TikTok personality, made an Instagram post during March Madness basketball endorsing the beer.

Following the post, the company saw sales lower throughout April and into May following an April 3 video from country singer Kid Rock, which apparently prompted a wider-spread boycott among…

Continue Reading →

This article was written by and originally published on finance.yahoo.com