Boston Beer Sells More, Makes Less

Dear Client: Those who read CBD know that Boston Beer pulled out another stellar quarter for depletions growth, which was up 25% (including 6 points from Dogfish Head) for the quarter and 22% for the year. That's their seventh straight quarter of double-digit growth. But that growth ain't cheap. They're running contract at City Brewing full time to keep up with the triple-digit growth of Truly seltzer, which has contributed to gross margin pressures: It fell to 47.4% for Q4,