(Leuven, BELGIUM) – AB InBev has released its second quarter earnings results.

The full 25-page press release is available here (pdf). I’ve grabbed management’s comments on the U.S. market and pasted below…

• Volumes: Industry volumes in 2Q11 were impacted by poor weather, especially in the center of the country, and high gas prices. However, gas prices have moderated in recent weeks and the industry has benefited from good volumes during the Fourth of July holiday period, with IRI reporting industry beer volumes up 1.4% in the combined food/drug/mass/convenience channels in the four weeks ending 10 July. Own beer shipments in the quarter declined 1.7% and sales-to-retailers (STRs) fell 3.4%, while in HY11 own beer shipments were down 2.5% with STRs declining 2.9%

• Bud Light growth: Bud Light gained market share in 2Q11 and HY11. Key brand health indicators continue to improve, and accelerated growth remains our number one priority in the United States. Share growth was supported by the “Here We Go” campaign, innovative packaging (“My Bud Light” label) and a strong digital program. Looking ahead, we are pleased that the NFL owners and players have reached an agreement for the coming season. Our plans are in place and we are excited by the first year of Bud Light sponsorship of the league

• Budweiser stabilization: As we have previously said, we are taking a systematic, long term approach to stabilizing the brand in the United States and are pleased to report that we continue making solid and steady progress:

• Share declines continue to decelerate. According to IRI grocery and convenience store data, Budweiser cut its market share decline to 0.3 pp for the month of June
2011 from 0.8 pp in June 2010, on a rolling 12 month basis. More significantly, Budweiser share has been flat on a rolling 12 month basis since January 2011

• Brand health continues to improve and in June 2011, Budweiser brand volumes grew in 23 of the 50 states. This resulted in the best half year volume performance for the brand in 11 years

These strong results have been driven by a series of initiatives which began in 3Q10, including, most recently, a system-wide execution focus from Memorial Day through the Fourth of July holiday. During this period, Budweiser’s innovative limited edition patriot can, “Here’s to the Heroes” Home Run Program and national happy hour on Flag Day (14 June) encouraged consumer sampling, awareness and re-connection with the brand, as well as raising funds for the Folds of Honor Foundation. Building upon this momentum, we have recently announced a new visual brand identity for Budweiser in the United States. This will include a packaging change for all cans, aluminum bottles and secondary packaging, although there will be no change to the iconic Budweiser glass bottle label

• High end growth: We are committed to driving aggressive growth in the high end, and have improved our share of this segment by 100 bp since December 2010, adding over a quarter million additional points of distribution during this period. Our high end shipment volumes increased 19.5% in 2Q11 and 19.8% in HY11. STRs were up 18.7% in 2Q11 and 16.5% in HY11. All of our major brands in this segment saw growth in HY11, with Stella
Artois and Shock Top continuing to lead the way with STRs increasing 22.0% and 76.5%,
respectively. In addition, we are encouraged by the Goose Island integration process and the valuable insights we are gaining into this highly profitable segment

• Revenue management: We are committed to improving our brand mix and remain disciplined in implementing our strategy to narrow the price gap between our sub-premium and premium brands which we started in 4Q10. Beer-only revenue per hl grew 3.6% in HY11, with brand mix benefiting the result by 49 bp