Boston Q4 Depletions Only Down 1%, But Down 15% YTD

Dear Client:After continually re-adjusting shipments and depletions guidance downward throughout 2016, as the first three quarters continued to see depressed depletions for Boston Beer, the company reported Q4 depletions down just 1%. Quarterly shipments were actually up 2%, to 974,000 barrels.That put total 2016 depletions at down 5%, which hit on the low end of their guidance. (As of Q3, the company had re-adjusted their full-year depletions guidance, to between minus 6 and minus 2, vs. the previously communicated best