AB InBev meets Q1 revenue forecasts, Bud Light boycott bites
Corrects to read 'almost $5 billion' (not 'almost $4.5 billion), in paragraph 12
LONDON, May 8 (Reuters) -Anheuser-Busch Inbev ABI.BR on Wednesday reported a 2.6% rise in sales in the first quarter, in line with analyst expectations, hurt again by a year-long Bud Light boycott whose impact is now set to ease.
Volumes at the world's largest beer maker were slightly better than anticipated, helped by sales of other products such as spirits-based drinks in cans.
The company, which makes Stella Artois and Corona beer, said strong growth in countries such as Mexico, Brazil and South Africa was offset by a worse performance in the Asia-Pacific region and North America, its largest by revenues.
"We are encouraged by our results to start the year," Chief Executive Michel Doukeris said.
AB Inbev sales in the United States have been hit hard by a consumer boycott of Bud Light that knocked it from the top spot as the best-selling U.S. beer.
Its revenues in the country declined 9.1%, with sales to retailers down 13.7% due to the boycott.
It has now been about a year since the boycott began, meaning that the three months to end-March should be the final quarter of real pain for AB InBev from it.
Figures from a year ago will include the boycott from here on out, making for easier comparative numbers.
Jefferies analyst Edward Mundy said that AB InBev's North America volume decline was not as bad as expected in the quarter, adding it also saw a strong performance across other markets.
That made for a good story for the entire sector, he said, with rivals Heineken HEIN.AS and Carlsberg CARLb.CO also "getting off to a good start".
Brewers are set for margin expansion as price rises for key supplies from barley to aluminium slow.
AB InBev reported a 5.4% increase in normalised EBITDA to almost $5 billion. The company said it expects full-year EBITDA to grow in line with its medium-term outlook of between 4% and 8%.
Reporting by Emma Rumney; Editing by Jamie Freed, Clarence Fernandez and Kim Coghill
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