Craft Brewing and Distilling News for October 24, 2022
October 24, 2022•For its fiscal third quarter ended September 24, the Boston Beer Company reported increases in both shipments and net revenue, up 1.4% to 2.3 million barrels and 6.2% to $597 million, respectively. Depletions, however, declined by 6% as the company continues to weather challenging conditions for many of its largest brands. The company pointed to the continued success of Twisted Tea and early success for Hard Mountain Dew as bright points in the quarter. Those gains, however, were offset by depletions declines in Truly Hard Seltzer, Angry Orchard, Samuel Adams, and Dogfish Head. Boston Beer took a $27.1 million non-cash impairment charge for the Dogfish Head brand, “primarily based on the latest forecasts of brand performance which has been below our projections made on the acquisition date,” according to the company.
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