Boston Beer Q2 Shipments Down 6.4%; “Not Fully Shipping” into “Improved” June Demand

Dear Client:  Boston Beer Q2 depletions (3 months ended June 29) were down 4%, while shipments were down 6.4% (to 2.2 million barrels). Those trends were worse than the prior quarter, where depletions were flat (benefitting from Easter timing) and shipments slightly up, and the YA quarter as well. Boston's net revs for Q2 were down 4%, due to lower volumes, partially offset by pricing and lower returns.   But it seems that things are steering in a better direction YTD