CBA Q2 Depletions Up 9%; Much Improved Gross Margins

Dear Client: CBA reported 9% depletion growth for both Q2 ended June 30 and the halfyear in just-reported earnings. Net sales and total beer shipments grew 16% and 13%, respectively, for the quarter (with 17% and 15% respective increases in the first six months). Company attributed the gains to "continued organic growth of our complementary portfolio of high-quality, award-winning beers such as Widmer Brothers Upheaval IPA, Redhook KCCO Black Lager, Kona Big Wave Golden Ale and Omission Beer." Though gross