A-B U.S. Depletions Decelerate in Q3, Though Still Outperform

Dear Client: Anheuser-Busch InBev reported its third quarter results this morning, and in the U.S. -- while the supplier continues to tout market share gains across beer and beyond -- its underlying trends softened sequentially. A-B's U.S. depletions declined 3.1% in Q3, worsening from a 1.9% decline in Q2, though the company maintained that it "outperformed a soft industry" in both quarters. Shipments followed a similar trajectory, declining 2.7% in Q3, compared to a 0.6% decline in Q2. And revenue