A-B’s Q3 STRs Down 1.9%; Bud Light Gaining Share

Dear Client:A-B's U.S. sales to retailers were down 1.9% (selling-day adjusted) in the third quarter and down 1.8% YTD. Sales to wholesalers were down 3.7% in the quarter, and down 1.8% YTD. The relative softness is due to their completed wholesaler inventory reductions and expect STWs and STRs to converge for full year. (They estimate total industry selling-day-adjusted STRs were down 1.3% in the third quarter, and -0.8% for the 9 months YTD, an improvement over a reported decline of