Business

Bloomberg

Locked-Down Drinkers Lose Their Thirst for Budweiser, Stella

(Bloomberg) — Anheuser-Busch InBev NV warned that its biggest three beer brands — Budweiser, Stella Artois and Corona — are bearing the brunt of a collapse in sales caused by Covid-19.Revenue from those brands dropped 11% in the first quarter, about twice the rate of decline for the company’s overall portfolio of more than 500 labels. Shipments plunged the most in China, where the effect of Covid-19 lockdowns hit hardest because they started earlier than in the U.S. and Europe.As demand evaporates amid a global shutdown of bars and restaurants, AB InBev and rivals Heineken NV and Carlsberg A/S are racing to find ways to cut costs to reduce the effect on profit. So far

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