Bud Light remains drag on parent company as Dylan Mulvaney hit lingers

Anheuser-Busch InBev's U.S. revenue down 17.3% primarily due to drop in Bud Light sales

Anheuser-Busch InBev beat sales estimates in its fourth quarter and full year 2023 results released Thursday. But the global beer giant continues to suffer in the U.S. from the boycott against its Bud Light brand nearly a year after entering its controversial partnership with transgender influencer Dylan Mulvaney.

A-B reported revenue increased 7.8% last fiscal year, hitting an all-time high, but acknowledged its "full growth potential was constrained by the performance of our U.S. business."

Bud Light

Cans of Bud Light sit in a cooler on the concourse at Oriole Park at Camden Yards in Baltimore during a Baltimore Orioles-Minnesota Twins game on June 30, 2023, (Rob Carr/Getty Images / Getty Images)

Ticker Security Last Change Change %
BUD ANHEUSER-BUSCH INBEV 59.70 +0.21 +0.35%

Anheuser-Busch InBev

The company said revenue in the U.S. market declined by 9.5% in 2023 and dropped by 17.3% in the fourth quarter "with sales-to-retailers (STRs) down by 12.1%, primarily due to the volume decline of Bud Light."

U.S. volumes were also weaker than expected, falling 15.3% in the fourth quarter.

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Sales of Bud Light began to tumble in the U.S. in April 2023, not long after the brand created and sent custom beer cans to Mulvaney to mark "365 days of girlhood." 

Dylan Mulvaney drinks Bud Light beer

Bud Light faced intense backlash from longtime customers last year over a promotion featuring transgender activist Dylan Mulvaney.  (Instagram/Fox News / Fox News)

That move and comments from Bud Light's marketing vice president at the time, Alissa Heinerscheid, who said she wanted to update the "fratty" and "out-of-touch" brand, sparked calls from conservative influencers and celebrities to shun the brand, and a boycott took hold.

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Bud Light was toppled from its long reign as the bestselling beer in the U.S. last year, losing the title to Constellation Brand's Modela Especial.

A six-pack of Modelo Especial beer bottles

Modelo Especial beers arranged in Brooklyn, N.Y., on Nov. 23, 2021. (Gabby Jones/Bloomberg via Getty Images / Getty Images)

Ticker Security Last Change Change %
STZ CONSTELLATION BRANDS INC. 262.34 +8.84 +3.49%

Constellation Brands Inc.

A-B has worked to rehabilitate Bud Light's image since the boycott with limited success.

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In recent months, the company announced new partnerships with UFC and the Olympics and released Super Bowl ads focused on patriotism and humor.

Reuters contributed to this report.