Boston Depletions Decelerate Dramatically in Q2

Dear Client:    Boston Beer had some big trends to beat this quarter. Recall, Q1 saw depletions up 48%, and shipments up slightly more than 60%. The showing caused Boston to revise their full-year depletion and shipment growth guidance upward, to between 40% and 50%.  But during this subsequent quarter, there was a lot of chatter about industry-wide seltzer overshipments in the market.  Well, Boston's Q2 results are in, and they've decelerated dramatically. Depletions were up "only" 24% in the quarter,