What Scandal? Anheuser-Busch Q1 U.S. Depletions Down 3%, Shipments Down 1.6%

Dear Client: Anheuser-Busch InBev reported Q1 2023 results today, and before the call, you'd never know they're dealing with a scandal for their biggest brand in the U.S. (Of course, the Bud Light backlash happened mainly outside of Q1.) Indeed, in some ways, Q1 results were better than the prior quarter. A-B depletions were down only 3%, and shipments down 1.6% in the U.S., though the company noted such results were estimated to be below the industry. (Recall, Molson Coors