Bud Light’s CEO slammed his fist in rage after a rival beer dropped this brutal fact
Bud Light is in the midst of a historic collapse after going woke.
That’s turned the beer market upside down.
And Bud Light’s CEO slammed his fist in rage after a rival beer dropped this brutal fact.
Bud Light was the best-selling beer in the country for more than two decades on the strength of its creative advertising campaigns.
Decades worth of work building the Bud Light brand was destroyed in an instant when the company partnered with transgender social media influencer Dylan Mulvaney.
The backlash from the Mulvaney controversy has taken a massive toll on Bud Light.
Bud Light lost its crown as the country’s best-selling beer, after the woke controversy broke out, to Mexican lager Modelo Especial.
Modelo and its parent company, Constellation Brands, are continuing to build on the momentum it gained after the Bud Light debacle.
Constellation Brands released the company’s third quarter earnings report, which predicted growth of the beer business would drive profits for 2024.
“Modelo Especial delivered double-digit volume growth and continued to extend its position as the #1 beer in U.S. tracked channel dollar sales,” Constellation CEO Bill Newlands said in a statement. “Our other core beer brands, Corona Extra and Pacifico, also delivered solid growth and were top 10 share gainers across the U.S. beer category.”
Constellation Brands’ beer business saw net sales grow by 4% for the third quarter.
Modelo sales were up by 12% as the brand continued to leave Bud Light in the dust.
“The Modelo Especial brand is the largest brand in the beer division, that grew depletions — which is a measure of volumes — about 12%. Overall, the beer segment grew 8.2% depletions, which was above what the consensus was expecting,” Citi Vice President of Equity Research Filippo Falorni told Yahoo Finance. “Again, driven mainly by Modelo Especial, but also strong results in the other brands, like Pacifico growing 19%, Modelo Chelada growing 22%.”
The growth of the beer business was offset by weak demand in the company’s wine and spirits divisions.
“This outstanding performance has reinforced our conviction in our Fiscal 2024 enterprise outlook, despite an adjustment to our Wine and Spirits Business guidance due to near-term market headwinds in the wine market,” Newlands said.
The strong 2024 forecast for Constellation Brands led by surging sales of Modelo led Morgan Stanley to name the company as its top stock pick for the beverage sector.
Shares of Constellation Brands hit an all-time high in July when Modelo took the top spot from Bud Light as the best-selling beer.
Bud Light continues to see sales drop by 25% to 30% each month while Modelo is surging.
The woke light brand is falling further and further behind.
Bud Light may never recover its crown as the country’s best-selling beer after going woke.
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