Skip to content
Search
AI Powered
Latest Stories

AB InBev profits slump after Bud Light boycott

AB InBev profits slump after Bud Light boycott
Cans of Bud Light sit in a cooler on the concourse at Oriole Park at Camden Yards during the Baltimore Orioles and Minnesota Twins game on June 30, 2023 in Baltimore, Maryland. (Photo by Rob Carr/Getty Images)
Getty Images

Profits at the world's largest brewer AB InBev slumped 6.3 per cent last year, the group said Thursday, tanked by falling sales in North America where its flagship brand Bud Light faced a high-profile boycott.

The Belgium-headquartered beer giant, which also makes Stella Artois and Corona, saw its net profit slide to $5.34 billion (£4.21bn) in 2023, down from $5.97bn in 2022, a company statement said.


Total sale volumes fell 1.7 per cent to 585 million hectolitres, with the drop most pronounced in North America, down more than 12 percent.

The brewer found itself caught in the US culture wars last year after partnering with a transgender influencer to promote Bud Light - leading to a boycott by conservative figures.

The group, which claims two billion consumers across 150 countries, acknowledged it had had a bad year in the US, where revenue was down 9.5 per cent.

Despite the slump in sales, price increases still helped the group boost global revenue to $59.4 billion (£46.88bn) - up 7.8 per cent at constant exchange rate.

CEO Michel Doukeris said the firm had "delivered another year of consistent profitable growth."

But the company also conceded that "our full growth potential was constrained by the performance of our US business."

More for you

Budget 2024: Local shops to face significant new pressure

(Photo by JUSTIN TALLIS/AFP via Getty Images)

(Photo by JUSTIN TALLIS/AFP via Getty Images)

Budget 2024: Local shops to face significant new pressure

Local shops will face significant new pressures as a result of today’s Budget, the Association of Convenience Stores (ACS) has warned.

Chancellor Rachel Reeves' budget's impact will be felt unevenly across the UK’s 50,000 convenience stores, with some measures such as business rate relief and the increased employment allowance mitigating costs for smaller independent stores, while providing no help for chains and larger independent businesses.

Keep ReadingShow less
Post Office cash deposits and withdrawals
Post Office, DPD partners to rollout ‘Click and Collect’ services
Post Office, DPD partners to rollout ‘Click and Collect’ services

Parliament to launch inquiry into Post Office Horizon scandal compensation delays

Parliament is to launch an inquiry into delays in compensation settlements for sub postmasters affected by the Horizon scandal.

The newly-formed Business and Trade Select Committee will call ministers, subpostmasters and their lawyers to give evidence next week with a second session to follow in mid-November. The Committee’s chair, Liam Byrne MP told ITV News that there was “definitely a delay” in people coming forward for payment.

Keep ReadingShow less
Bacup Wine and Convenience shop, 34 Burnley Road, Bacup.

Bacup Wine and Convenience shop, 34 Burnley Road, Bacup.

Robbie MacDonald via LDRS

Shop’s licence bid rejected over illegal vapes and ‘no regard’ for children’s safety

A Rossendale shop has had a licence bid rejected after repeatedly selling vapes to children and having illegal products on its premises.

Management at the Ibra Superstore at 34 Burnley Road, Bacup, have shown ‘no regard’ for children’s protection and safety, and have insufficient controls for licensing, Rossendale councillors have ruled.

Keep ReadingShow less
SPAR retailer hits target to secure £100,000 free stock from James Hall

SPAR retailer hits target to secure £100,000 free stock from James Hall

SPAR North of England retailer Dara Singh Randhawa’s family store has been awarded £100,000 of free stock after hitting all his targets since moving to the symbol.

Dara and his family, who have their SPAR store in Patrington in the East Riding of Yorkshire, joined SPAR through its association with James Hall & Co. Ltd in August 2023 having taken the decision to maximise the store’s potential.

Keep ReadingShow less
Pound Sterling bank notes
iStock

National Living Wage to increase to £12.21 in April 2025

The government has on Wednesday announced its acceptance of the Low Pay Commission’s (LPC) recommendations on the rates of the National Minimum Wage (NMW), including the National Living Wage (NLW).

The rates which will apply from 1 April 2025 are as follows:

Keep ReadingShow less