CBA Q3 Depletions Only Down 1%, Shipments Down 5.8%

Dear Client:Craft Brew Alliance's Q3 results saw an improvement in depletion trends but a dip in shipments as the company works to "better align" the two while "maintaining optimal inventory levels," it said.Depletions were down 1% (an improvement from Q2's -2% trend), bringing the YTD depletions trend to down 2%. Though Kona's +9% Q3 depletion trend was a slight acceleration from the last quarter, the company continues to grapple with Widmer and Redhook.Q3 shipments, however, were down almost 6%, vs.