Yahoo Finance Beer Is Back, AB InBev CEO Says At-Home Sales Helped Growth
Beer giant and Budweiser parent company Anheuser Busch Inbev NV (NYSE: BUD) ended 2020 on a stronger note compared to the first-half as volume returned to growth, AB InBev CEO Carlos Brito said on CNBC's "Squawk Box."
From COVID-19 Pandemic Restrictions To Growth: The first half of 2020 was a difficult time for the beer company as it was completely shut down in some countries and unable to sell beer for several weeks, Brito said. But during the second half of 2020, many countries worldwide eased restrictions, and beer volume sold returned to growth on a global basis.
"The moment consumers could navigate the restrictions that were eased a bit, they found ways of getting more occasions in the home," the CEO said.
Related Link: Heineken CEO: 'It Will Take Time To Get Out Of The Pandemic,' Expects Job Cuts, But Bullish On Future
Overcoming Challenges By Regions: Beer cultures vary by region so in some areas, AB InBev has an easier path to reclaiming lost sales from restaurants and bars. In the U.S., restaurants and bars account for a "very small" portion of total beer volume so it was easier for AB InBev to shift focus to support at-home sales.
"The home became the big hub for not just living, but working, and also entertaining," the CEO said.
While the global demand for a return to sporting events and bars is large, convenience is something that "will remain in their habits," he said.
(Photo by Linus Mimietz on Unsplash)
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