The company that owns Corona beer is facing its worst quarter in 10 years following the coronavirus outbreak.
Anheuser-Busch In Bev owns some of the world’s most famous beer brands, including Budweiser, Stella Artois, Beck’s and Corona.
But in the last two months since coronavirus has been spreading throughout China, the company has suffered a $170m (£132m) loss in of earnings in the country, at at time when they were expecting strong sales because of lunar new year.
The losses have forced it to cut its chief executive’s bonus and forecast one of the steepest declines in its quarterly profits.
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The company believes the drop in profits is down to fewer people going out in public in China to avoid catching coronavirus. This is taking a toll on nightlife, with many bars and restaurants being forced to close down.
CEO Carlos Brito told CNBC: “Our business is all about going to restaurants, to nightlife, going out with friends, it’s really about to go back to normal, we’re preparing for the surge when things return to normal.
“As we look to the future, we are determined to lead growth through consumer-centricity, operational excellence and innovation.”
Briton added: “Our performance in 2019 was below our expectations, and we are not satisfied with these results.”
