The Belgium-based company, which makes around a quarter of all beer drunk globally, said its results confirmed the resilience of the beer market in the face of economic challenges, notably inflation.The maker of Budweiser, Stella Artois and Corona repeated its 2023 forecast that core profit would grow in line with its medium term outlook of between 4% and 8%, with revenue to grow ahead of EBITDA.
Chief Executive Michel Doukeris said it was too early to assess the full impact, but added the drop-off of Bud Light sales in the first three weeks of April was equivalent to about 1% of global volumes for that period. Trevor Stirling, beverage analyst at Bernstein Autonomous, said that the impact on sales was meaningful and appeared to be spreading to other AB InBev brands, but he said the market had already priced in a worst case scenario of the April trend continuing for the whole year.
AB InBev's beer sales were 0.4% higher overall in the first quarter than a year ago, though only because of a sharp rise in the Asia-Pacific region as China steadily rolled back its COVID-19 restrictions. Volumes in all other regions dipped.
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