 Anheuser-Busch says times are tough in the US beer industry |
Budweiser brewer Anheuser-Busch has reported a sharp drop in earnings, following recent price cuts on many of its beer brands. The largest US brewer also warned that its full-year profits would be up to 11% lower than the previous year.
Anheuser-Busch reported third-quarter profits of $518m (�292m), from $684m at the same time last year.
The company, which also brews Michelob beer, has been slashing prices in an attempt to drive up sales volumes.
"We are disappointed in our sales and earnings results," said Anheuser-Busch chief executive Patrick Stokes.
"Both the company and the domestic beer industry have experienced volume declines and significant cost pressures."
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