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Truly Hard Seltzer Drives Gains For Boston Beer

February 20, 2020

Boston Beer Co. posted net revenues up 26% to $1.25 billion in its fiscal year through December, with gains for its Truly hard seltzer and Twisted Tea brands offsetting declines in Samuel Adams and Angry Orchard. The company’s $300 million acquisition of Dogfish Head midway through the year also contributed to revenue growth. Overall, company shipments increased 24% to 5.3 million barrels, and operating income grew by 25% to $145 million.

The Truly brand is second only to Mark Anthony Brands’ White Claw in the thriving hard seltzer category in the U.S., with volume in Nielsen channels up 20% to 11.3 million (2.25-gallon) cases in 2019. “We’re continuing to expand package and draft distribution across all channels,” noted Boston Beer president and CEO Dave Burwick. “During the fourth quarter, we launched new formulations for all of our Truly flavors, which have been very well received by drinkers. Both our volume and velocity trends have increased significantly.”—Daniel Marsteller

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