Craft Brewing and Distilling News for April 27, 2017April 27, 2017
•Boston Beer Co.’s sales continued to slide in its first quarter that ended in March, as revenue declined 14% to $162 million during the period. Net income was down 19% to $5.7 million. Chairman and founder Jim Koch said the declines “were mostly caused by weakness in the Samuel Adams brand, especially our seasonal beers, and a general softening of the craft beer category that continues to be very competitive.” Boston Beer’s Angry Orchard cider also declined during the first quarter, while its Twisted Tea and Truly Spiked & Sparkling brands were on the rise. For its full fiscal year, Boston Beer estimates its depletions will be in the range of -7% to +1% compared with a year earlier.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.