A-B Depletions Improved, But Still Dragging from Mainstream and Value Exposure

Dear Client: After a lackluster Q3 with shipments and depletions both down nearly 5%, Anheuser-Busch improved its results in Q4, turning in slight shipment growth (+0.6%) and depletions down only 1.8%, which it said was “driven by a weaker industry in the segments where we over-index, particularly mainstream and value," per earnings released in the wee hours of the morning. Revenue and revenue per hectoliter both grew for A-B during the quarter too, up 2.6% and 2%, respectively. (Note revenue