Craft Brewing and Distilling News for July 26, 2021July 26, 2021
•Boston Beer Company saw depletions rise 24% and net revenue increase 33.3% to $602.8 million in its fiscal second quarter ended in June. For the first half, the company saw net revenue rise by 46.7% to $1.15 billion. While net revenue surged during Q2, net income dropped slightly, from $60.1 million last year to roughly $59.2 million, coinciding with a deceleration from Q1 when depletions were up 48%. The company flagged softer conditions in the beer and hard seltzer market than it had expected as the on-premise reopens and new hard seltzer brands capture more market share. Boston Beer revised its full-year projection downward, now estimating depletion growth between 25%-40% instead of 40%-50%. Recently, Boston Beer announced a new partnership with Beam Suntory, set to launch in 2022.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
Tagged : Boston Beer Company