Boston Beer Investing Heavily Behind Truly

Dear Client: As we reported yesterday, Boston Beer reported that second quarter depletions (STRs) and shipments (STWs) matched, at plus 17% for the second quarter.  For the half year, depletions are up 15%.  While that’s an acceleration at retail, shipments for the half year are still up 23%, suggesting still high distributor inventories.  But summer is only half done. We expect that Truly and Twisted inventory to flow through the trade as demand continues to accelerate.  On the conference call,