A-B U.S. Depletions Down 1.9% in Q1, An Improvement

Dear Client: A-B's U.S. depletions were down 1.9% (vs. an estimated -1.6% industry-wide trend) and shipments were down 0.9% in Q1 2019. That's a noticeable improvement from their Q4 depletions trends, which saw depletions down 2.8% (and shipments down 0.1%). They grew top-line by 1.6% in the quarter.  Revenue per hectoliter was up 2.6%, driven by portfolio premiumization and "revenue management initiatives." In fact, the company estimates only roughly 0.1% of total market share decline for the quarter, which is