Beer brand Bud Light hit a new low after weekly sales revenue plunged 26.8% in the week ending June 10, according to new data.
The data, from Bump Williams Consulting and NielsenIQ, show that the Anheuser-Busch brand’s financial struggles have continued into June after it faced opposition from customers about its April partnership with transgender-identifying activist Dylan Mulvaney.
“This was a tough week for Bud Light and other beer brands,” Bump Williams said. Beer sales as a whole declined the week ending June 10, including Budweiser (10%), Natural Light (2.3%), and Michelob Ultra (2.4%).
The previous highest weekly drop for Bud Light was 25.7% for the week ending on May 20. While Bud Light remains the number one overall beer for the year, it has recently been displaced by Modelo Especial as the top-selling beer for May. According to Bump Williams, the staying power of Modelo Especial as the nation’s favorite beer remains to be seen.
“In some instances, the trends for a particular brand may be healthy in some local areas across the country and worse in others,” Williams said.
Modelo Especial, a Mexican beer, is owned in North America by Constellation Brands. Anheuser-Busch owns Modelo Especial outside of North America.
The numbers show that Modelo Especial made up 8.4% of retail beer sales while Bud Light composed 7.3% of retail beer sales for the week ending June 3, CNBC reported. Bud Light sales fell 24.6% while Modelo Especial increased its sales by 10.2% compared to last year during that same time period, based on the data.
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Bud Light has lost billions of dollars in market value following the Mulvaney partnership. According to numbers analyzed at the end of May, the beer brand lost an astounding $15.7 billion in market value.
Anheuser-Busch CEO Brendan Whitworth appeared to acknowledge on Friday that the backlash the company is facing is having a significant impact on the company.
“We recognize that over the last two months, the discussion surrounding our company and Bud Light has moved away from beer, and this has impacted our consumers, our business partners, and our employees,” the statement began. “We are a beer company, and beer is for everyone.”
“Our summer advertising launches next week, and you can look forward to Bud Light reinforcing what you’ve always loved about our brand — that it’s easy to drink and easy to enjoy,” he said. “As we move forward, we will focus on what we do best — brewing great beer and earning our place in moments that matter to you.”
Related: Bud Light’s Slump Continues As New Drink Becomes Top-Selling Beer In America