Sales of Miller Lite, Coors Light crush Bud Light after Dylan Mulvaney fiasco
Bud Light’s loss is Miller Lite’s gain.
Molson Coors, parent company of Miller Lite and Coors Light, boasted its single best quarter of revenue since the 2005 merger of Canadian giant Molson and the US-based Miller Brewing Company — buoyed by the backlash against Bud Light sparked by its partnership with trans influencer Dylan Mulvaney.
The conglomerate said its two key brands outsold Bud Light by 50% in the second quarter.
Combined sales of Miller Lite and Coors Light also outpaced the nation’s No. 2 selling beer Modelo Especial by 30% — according to Molson Coors.
The Modelo brand is expected to overtake Bud Light as the nation’s top-selling beer by the end of August, The Post reported on Monday.
Molson Coors, meanwhile, reported $342 million in net income for the second quarter — up $47 million from the same period a year ago.
Sales also increased by 11.8% to $3.3 billion — which did not meet analyst expectations.
Shares of Molson Coors were down by nearly 6% in early trading on Wall Street on Tuesday, though the stock is up more than 33% in the last 12 months.
Bud Light in recent weeks has lost its status as the nation’s top-selling beer, according to data from NielsenIQ and Bump Williams Consulting.
The Anheuser-Busch brand saw sales plummet 26.8% during the week ended July 22 — slightly worse than Bud Light previous week’s decline of 26.1%, figures show.
Bump Williams, the industry analyst who heads the eponymous consultancy, told The Post that the declining sales figures should mark the end of the brand’s two decades of dominance in market share.
“It’s going to happen a LOT sooner than anyone had ever thought,” Williams told The Post on Monday.
“We have it surpassing Bud Light mid-August.”
Modelo Especial has reached 8.2% market share year to date, compared with Bud Light’s 8.4% — “the closest any brand has come to surpassing Bud Light as the King of Beers,” Williams said.
Anheuser-Busch has told industry insiders that it believes the Bud Light declines are “stabilizing” with sales remaining down in the “25% to 28% range” for weeks now, according to Williams.
Last week, Anheuser-Busch announced it was laying off nearly 400 workers at its corporate offices across the country.
The company’s fortunes have been on the decline since Mulvaney started touting Bud Light on her social media platforms.
The social media posts sparked boycott calls against Bud Light and sister brands in the Anheuser-Busch portfolio.
Additional Reporting by Lisa Fickenscher
