Boston on Brand Cycles to Beer Halls

Dear Client:Yesterday's Boston Beer earnings call focused much on their depressed YTD trends. As we reported yesterday, depletion trends are down 15% YTD (through February 11), mainly due to the so-far implosion of new spring seasonal, Hopscape. (Depletions for Q4 had only been down 1%.)As BBD reported this morning in more detail, Hopscape has "basically blocked our system up and is affecting total Sam Adams brand trends quite significantly," CEO Martin Roper said on the call.THE LAST 8 WEEKS HAVE