Anheuser-Busch InBev NV warned that its biggest three beer brands -- Budweiser, Stella Artois and Corona -- are bearing the brunt of a collapse in sales caused by the coronavirus.
Revenue from those brands dropped 11% in the first quarter, about twice the rate of decline for the company’s overall portfolio of more than 500 labels.
Shipments plunged the most in China, where the effect of Covid-19 lockdowns hit hardest because they started earlier than in the U.S.
and Europe. As demand evaporates amid a global shutdown of bars and restaurants, AB InBev and rivals Heineken NV and Carlsberg A/S are racing to find ways to cut costs to reduce the effect on profit.