CBA Q2: Explaining Softness, and “Building New Home Markets”

Dear Client: Like Boston's last week, CBA's Q2 call reflects the "mature" growing pains that legacy craft brewers are hit with in this age of ubernew and uberlocal. We reported yesterday that CBA Q2 depletions are flat, with shipment guidance estimates revised downward to between 1% and 3% growth, from previously communicated mid-single digits. On today's call, chief Andy Thomas noted that they're also lapping a blockbuster Q2, which Andy had stated at the time was "one that would go