A-B Posts Weaker Than Expected Shipments

Anheuser-Busch announced yesterday that first quarter domestic beer volume was below expectations, with shipments down -2.7% than Q1 last year (shipments were up 0.8% last year in Q1). Sales-to-retailers were down -1%, which was better than we expected, although it was calculated "on a comparable selling day basis," said the company (Ed. Note: At presstime we are not clear on what adjustments, if any, were made to reach comparable sell days. You can make the case for even sell days,