A Máquin: ABI’s Surprising Quarter

Dear Client:Anheuser-Busch's organic shipment volumes in the United States were down 5.1% in the third quarter. That's pretty terrible. But that really doesn't tell the whole story. Sales-to-retailers were down only 2.8%, which was a better performance than most folks thought, against tough comparisons due to cycling the Bud Light Lime rollout and price increase timing. It also means they likely gained a little share. So why the huge discrepancy between shipments and STRs? It suggests a fairly large reduction