A-B Depletions Down Almost 3%

Dear Client:Anheuser-Busch InBev reported Q1 results this morning. U.S. highlights included depletions declines of 2.9%, with shipments down 4.7%, " due to planned adjustments to wholesaler inventories."Those numbers represent accelerating depletion declines for the company, who saw STRs down 2% last year (-2.7% in Q4). The Q1 numbers equate to a share loss of 60 basis points, due to premium light and regular softness, somewhat offset by growth in above premium.A-B's showing is worse than general industry depletion trends, which