The world’s largest brewer had a tough 2023.
On Thursday, Anheuser-Busch, brewer of popular brands Bud Light and Stella Artois, announced staggering declines in its yearly profit and revenue last year.
According to the report, the company’s profit declined from $7.6 billion in 2022 to $6.89 billion in 2023. Significantly, the company was hit the hardest in the U.S., where revenue cratered 9.5% for the year and 17.5% for the fourth quarter.
Anheuser-Busch was quick to point out that overall revenue rose. According to the report, total operating profit rose by 7% last year and worldwide revenue increased 7.8% to $59.38 billion.
The report comes after a turbulent year for the brewer, which dealt with significant competition and a drastic backlash from conservative groups in the U.S.
The blowback came after Anheuser-Busch announced a partnership last spring with transgender Dylan Mulvaney. As the alliance became public and the influencer began featuring Bud Light products in videos, anti-transgender activists organized a boycott, with conservative celebrities bringing the embargo into the mainstream.
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Anheuser-Busch has since cut all ties with Ms. Mulvaney, drawing the ire of progressives.
The boycott cut into Anheuser-Busch’s Bud Light sales, which led to Mexican lager Modelo Especial taking the top spot late last year.
Since the backlash, Anheuser-Busch has made strides to improve Bud Light’s image, including partnering with UFC to make it the “official beer” of the martial arts organization.