A Bud Light at the end of the tunnel.

From Marketplace, I'm Sabrie Beneshore, and for David Brancaccio.

Inheuser-Bush, the maker of Bud Light, reported its earnings for the first quarter.

It's been a year since Bud Light became the

target of a boycott after a transgender influencer promoted it on Instagram. The

company is slowly recovering from that episode. U.S. revenues were down 9% in the first

quarter compared to the year before, but that is actually an improvement over the

17% decline in the final quarter of last year. Marketplace's Savannah Mar has more.

Lots of brands faced anti-transfury last year.

But Target and Nike sales didn't take a sustained hit.

Gura Loconita at Cornell says Bud Light was vulnerable, as a politically middle of the road

brand.

It's also really replaceable.

The big light beers in the United States are completely undifferentiated.

Switching to Miller Light isn't really a sacrifice because it tastes basically the same.

That's true for consumers and retailers.

The shelf space for Bud Light has changed.

Another problem for Bud Light, its corporate response to the controversy, says Joanna Schwartz at Georgia College and State University.

It was poor on every level. Bud Light backpedaled, saying it, quote, never intended to be part of a discussion

that divides people.

Not enough to placate anti-trans boycotters, but enough to send a message.

We were willing to support LGBT causes back when there was no cost to us.

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