Anheuser-Busch InBev, the company behind Corona Beer, reports significant declines in sales amid the coronavirus, reporting $170 million in losses. Due to this decline, the company decided to cut the chief executive’s bonus. They also expect the steepest decline in quarterly profit in over a decade.
They suspect that the coronavirus dampens nightlife and bar-hoping, affecting sales in China. “Nightlife ground to a halt in China in the third quarter last year, with many bars and restaurants shutting down due to the COVID-19 virus.” AB InBev CEO, Carlos Brito, told CNBC reporters.
He added: “The outbreak has led to a significant decline in demand in China in both on-premise and in-home channels.”
But, regardless of the loss, the company remains hopeful for the future:
“Our business is all about going to restaurants, to nightlife, going out with friends, it’s really about to go back to normal, we’re preparing for the surge when things return to normal,” Brito continues.
More than half of the company’s 33 breweries in China have reopened, with the exception of the brewery in Wuhan, the suspected epicenter of the coronavirus. AB InBev is preparing for sales to return to normal in China. They also hope that there is no more “confusion” about the coronavirus and Corona Beer.
In short: There’s no link between the coronavirus and Corona Beer and please enjoy Corona beers responsibly!
If you enjoyed this article, consider watching this, as a reminder to yourself to enjoy Corona responsibly.
Feature Image: AB InBev logo featured outside the headquarters in Leuven, Belgium via straffemadame.com