A-B Q4: Another Good Quarter for Topline, but Price Increases Contributed to 7.6% Depletions Decline

Dear Client:  Q4 marked another quarter of topline growth for Anheuser-Busch in the U.S., and a challenging frame for volume. Q4 REVENUE UP 2.5%. The supplier saw U.S. revenue grow 2.5% in the quarter with revenue per hl up 12.2%, “driven primarily by price increases and other revenue management initiatives,” per today’s release. DEPLETIONS DOWN 7.6%. But volume numbers were rough – with U.S. shipments down 8.6%, and depletions down 7.6% in Q4, “primarily driven by a soft industry which