Boston Reports Worse Q3 Depletion Trends; Adjusts Guidance Down Again

Dear Client:In July, amid soft Q2 results (depletions down 5%) that caused them to readjust downward guidance yet again, to between minus 4 and flat, Boston Beer at least offered some hope --measured, for sure -- for future quarters.CEO Martin Roper had said on the last earnings call that they'd started seeing improvements in scan data circa mid-June. Martin also mentioned that some comps would start to get easier. In the backhalf, they anticipated "more favorable hard cider comparisons and