Bud Light maker's revenue finally stabilizing 19 months after controversy

Anheuser-Busch InBev may have turned a corner more than a year after its sales tanked from a boycott sparked by the brewer tapping transgender influencer Dylan Mulvaney for a Bud Light marketing campaign in spring 2023.

The Belgium-based brewer on Thursday posted revenues of $15.57 billion, up from $15.04 billion in the same quarter last year and credited stabilization in the U.S. market.

“Our business in the U.S. is regaining momentum and we are continuing to invest to fuel the growth,” A-B InBev CEO Michel Doukeris said on a call with investors Thursday. He said that the beer sector improved in both volume and revenue and that Michelob ULTRA and Busch Light were top share gainers in the industry.

North America volume was down 0.4% for the third quarter. The company also raised its full year expectations to between 6% to 8%, from the previous 4% to 8%.

Restaurant chain TGI Fridays filed for bankruptcy protection Saturday, saying it is looking for ways to “ensure the long-term viability” of the casual dining brand after closing many of its branches this year.

Executive Chairman Rohit Manocha of the Dallas-based chain said the “primary driver of our financial challenges resulted from COVID-19 and our capital structure.”

Sit-down chain restaurants have more broadly faced challenges in recent years as diners choose to get food delivered or visit upscale fast food chains like Chipotle and Shake Shack.

Founded in 1965, the popularity of TGI Fridays peaked in 2008 with 601 restaurants in the U.S. and a $2 billion business, according to Kevin Schimpf, director of industry research at Technomic. Its sales in the U.S. were $728 million in 2023, down 15% from the prior year, according to Technomic.