Boston Q2: Depletions, Shipments Down Mid-Singles, But Spending for a Better Back Half

Dear Client:  How did Boston Beer fare in Q2? Well the horses (Twisted Tea and even Dogfish this time) pulled hard, but the stragglers (Truly, Angry Orchard, Sam Adams and even Hard MTN Dew this time) must have pulled harder.  Boston's Q2 depletions (for the period ended July 1) were down 3%, with shipments down 4.5% -- in line with guidance for the full year. Boston portfolio decreases here were only "partially offset by increases in its Twisted Tea and