Anheuser-Busch InBev, the world’s largest brewer, says economic and political turmoil in Brazil hit its quarterly earnings, with sales volumes declining by 10 percent in the huge Latin American nation.
Sales volumes for the Belgian brewer, which has its U.S. headquarters in St. Louis, declined by 1.4 percent. Revenue dropped to $9.40 billion in the first quarter from $10.45 billion in the same period of last year.
A-B InBev said “our business in Brazil experienced one of its most challenging quarters in many years,” and added that “we expect the economy to remain challenging” for the rest of the year.
The company said results were also affected by pre-funding for the takeover of rival SAB Miller, which it still expects to be completed in the second half of the year.
Read more: St. Louis Post-Dispatch
Correction: May 4 at 11:15 a.m.
This story was updated to accurately reflect the headquarters of Anheuser-Busch InBev. A previous version of the story stated Anheuser-Busch InBev was based in St. Louis, which is the brewer’s U.S. headquarters.