The Bud Light subsidiary's campaign with transgender influencer Dylan Mulvaney - which resulted in a consumer boycott - continues to wreak havoc for Anheuser-Busch. First, it lost significant market value. Then, the company was then forced to announce a wave of layoffs across certain executive levels -around 380 employees-. And, now, its sales revenues have suffered a considerable drop.
Anheuser-Busch reported in a statement released Thursday, that its latest financial results showed a 10.5% decline in U.S. product sales revenue between April and June compared to the same period last year. Even so, it obscures this loss with the fact that the total sum of its revenues -adding other items such as advertising- increased by 7.2%.
In addition, the brewer said its pre-tax profit plummeted 28%.
The association with Dylan Mulvaney not only greatly affected the economic aspects of the company, but also their image. As a result of the campaign, Bud Light has fallen out of the top ten most popular beers, according to a recent ranking. Only 42% of respondents gave it a good rating.
Bud Light is not alone: Target and Kohl's see financial losses from joining the LGBT cause
Anheuser-Busch isn't the only company that has found it expensive to run a campaign featuring LGBT people or the woke world. Target launched a collection of LGBT baby and children's clothing, which drew an untold amount of criticism. As a result, the department store chain lost more than 15 billion dollars in stock market value -its shares fell more than 20%.
Kohl's also suffered a sharp drop in its capitalization as a result of joining the woke doctrine. The retailer took up the cause and launched a collection of LGBT clothing for babies and children, a similar case to Target. Its stock market drop was more than 20%.
