Bud Light is continuing to hemorrhage customers from the backlash after going woke.
The embattled brand thinks a turnaround is just around the corner.
But Bud Light’s CEO made one shocking announcement that confirmed the brand is doomed.
Anheuser-Busch InBev, Bud Light’s parent company, is still feeling the pain of a boycott that broke out against the brand in April after partnering with transgender influencer Dylan Mulvaney.
Executives at the company admitted that the backlash is still hammering the brand after another disastrous quarterly revenue report was released.
Anheuser-Busch InBev reported a 14% decline in revenue for the U.S. because of a continued drop in sales of Bud Light.
In a desperate bid to turn things around the company is embarking on a $1 billion stock buyback and an expensive new sponsorship deal with Ultimate Fighting Championship (UFC).
Anheuser-Busch InBev CEO Michel Doukeris tried to calm nervous investors by putting on a brave face in public.
“I don’t think that we are at a new normal yet, but we have a good grip on what we need to do and how we are proceeding from here,” Doukeris said.
He added that he was confident that the company could regain boycotting beer drinkers.
Doukeris pointed to a recent poll that claimed that 40% of former Bud Light drinkers said that they were ready to begin drinking the light beer again.
He said that the company is making major investments in the light beer brand to spur growth with consumers.
“We are committed to continue to invest in Bud Light and all the platforms that consumers love,” Doukeris said.
But beer industry consultant Dave “Bump” Williams of Bump Williams Consulting poured cold water on the idea of a Bud Light comeback.
Williams pointed out that nothing has changed with the brand as sales continue to decline.
“Consumers seem to be continuing with their newfound behaviors in the post-fallout months,” Williams said. “I personally think that it will be very difficult to recover all of their lost Bud Light drinkers both before April and even after. A subset of those are gone for good.”
Anheuser-Busch executives act like they’ve learned their lesson in the fallout from the brand’s disastrous partnership with Mulvaney.
The company has stubbornly refused to apologize to its formerly loyal customers for insulting them by going woke.
Bud Light has tried slick marketing campaigns with NFL stars and country music but nothing is luring back beer drinkers.
The customers angered by the Mulvaney partnership almost certainly will never return to the toxic light beer brand.
