Boston Beer Down Amid Increased Competition

Dear Client:It ain't easy being big. Or the tallest pygmy, as Jim Koch likes to say, with so many tinier pygmies chasing after you.Boston Beer's fourth quarter saw a decline in core shipments of 3%, partially offset by price increases. For the year, net revenue was up 6%. Depletions for the year increased 4%, and gross margin for the fourth quarter was 50.6% and the full year 2015 was 52.3%. Ad and promo spending was up a big 9% for