Craft Brewing and Distilling News for April 25, 2022April 26, 2022
•For its first fiscal quarter, ended March 26, the Boston Beer Company reported depletions down 7% and shipments down 25%, compared to Q1 2021. First quarter net revenue of $430 million decreased 21%. The drop was attributed to declines in Truly Hard Seltzer, Angry Orchard, and Dogfish Head, somewhat offset by growth in Twisted Tea and stable performance from Samuel Adams. Despite the Q1 decline, Boston Beer is still projecting depletions and shipments to grow between 4% and 10% for the full year. “The out-of-stock issues that affected our first quarter performance have improved during the quarter, setting us up for additional growth over the rest of the year,” noted founder and chairman Jim Koch. “As we continue to innovate, today we are announcing the launch of Truly Vodka Seltzer, a new ready-to-drink hard seltzer with 110 calories and 5% abv, which will begin rolling out later this summer.”Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.