Brazil’s leading beverage company, Companhia de Bebidas das Americas (AmBev), reported on October 3 that its beer sales volumes in Brazil decreased by about 12 % in the third quarter of the year versus the third-quarter 2002. In AmBev's last conference call (August 13, 2003) the Company indicated that it was expecting its beer sales volumes in Brazil to decline single digit during the third quarter 2003 versus the year-ago quarter. Nevertheless, the world's fifth-largest brewer said in a short statement posted late on October 3: "Despite the shortfall in volumes, AmBev's management remains confident that its revenue management initiatives, combined with its tight grip on costs and expenses and the strength of AmBev's people, among other factors, will lead the Company to achieve its internal profitability targets for 2003." The company's domination of some 70 % of the Brazilian beer market is the source of the bulk of its revenue.

According to Reuters, AmBev stock hit a record high close of 703 reais on Sept. 5 but has since slumped about 10.5 % to Friday's finish at 628 reais despite a rally by Brazil's Bovespa stock index. At least one analyst has blamed the stock's drop on concerns that AmBev's volume sales would suffer in the quarter due to the weak state of Brazil's economy and because rivals had not matched price hikes AmBev made in the middle of the year.

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