Anheuser-Busch InBev beat sales estimates in its fourth quarter and full year 2023 results released Thursday. But the global beer giant continues to suffer in the U.S. from the boycott against its Bud Light brand nearly a year after entering its controversial partnership with transgender influencer Dylan Mulvaney.

A-B reported revenue increased 7.8% last fiscal year, hitting an all-time high, but acknowledged its "full growth potential was constrained by the performance of our U.S. business."

The company said revenue in the U.S. market declined by 9.5% in 2023 and dropped by 17.3% in the fourth quarter "with sales-to-retailers (STRs) down by 12.1%, primarily due to the volume decline of Bud Light."

U.S. volumes were also weaker than expected, falling 15.3% in the fourth quarter.

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Sales of Bud Light began to tumble in the U.S. in April 2023, not long after the brand created and sent custom beer cans to Mulvaney to mark "365 days of girlhood." 

That move and comments from Bud Light's marketing vice president at the time, Alissa Heinerscheid, who said she wanted to update the "fratty" and "out-of-touch" brand, sparked calls from conservative influencers and celebrities to shun the brand, and a boycott took hold.

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Bud Light was toppled from its long reign as the bestselling beer in the U.S. last year, losing the title to Constellation Brand's Modela Especial.

AB has worked to rehabilitate Bud Light's image since the boycott with limited success.

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In recent months, the company announced new partnerships with UFC and the Olympics and released Super Bowl ads focused on patriotism and humor.

Reuters contributed to this report.