CBA Q3: On SKU Reductions to Redhook Momentum

Dear Client: Today's CBA Q3 call offered the regular round ups, but also a particularly titillating Q&A. The 14% STR improvement we reported yesterday reflected growth of 25% for Kona, 21% for Redhook and flat performance for Widmer. That brings YTD 2013 STR growth to more than 11%. "Kona's plus-25% Q3 performance increased slightly from prior quarter, translating to +24% growth YTD," said operations chief Andy Thomas. "Redhook's Q3 growth accelerated appreciably, [topping] 20%, a magnitude not seen on a