Boston Q3 Sees Sequential Depletion Improvement But Softer Guidance

Dear Client:    In just-released Boston Q3 earnings, depletions were down 6% and shipments down 2.5%, impacted by the July 4 shift headwind -- but things looked much better on a comparable weeks basis, with depletions down only 3%, and shipments down 1.8%. Net revs were up 0.9% in the quarter, to $601.6 million.  And yet, the company updated its full-year shipments and depletions guidance, shifting it toward the softer end of the range (-5% to -7%), though price hike estimates