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Bud Light continues to attempt to distance itself from a controversial March Madness promotion.
The move is not only costing Anheuser-Busch sales, but its Bud Light brand is no longer reflecting market leadership.
Overall 17 percent decline in sales revenue for Bud Light, with sales volumes down 21 percent for the week ending April 15.
Anheuser-Busch's market capitalization was also down from over $134 billion on March 31 to just under $130.5 billion by May 10, a drop of about 3 percent.
The company is a global brand and declining sales in the US do not have much impact on its overall performance.
Parent company Anheuser-Busch InBev (ABI) sold $71.5 million worth of Bud Light in the week ending April 29
Market analysts have downgraded the company’s stock, citing poor leadership during the crisis as one of the reasons for the controversy.
The company is offering a $15 rebate for the purchase of varied Budweiser 15- or larger-pack products, including Bud Light.
Bud Light tried to run a series of pro-American advertising images after the Mulvaney meltdown, with its beloved trademark Clydesdales
Is it solving the public relations problem of the company anytime soon
“Budweiser release pro-American ad 2 weeks after Dylan Mulvaney backlash. The new advert, comes after Anheuser-Busch CEO released a statement which failed to apologize for the backlash and instead talked about traditional values and being pro-America,” Oli London tweeted.
Analyst viewed the controversy will soon fade out and bud light again will be the favorite
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