CBA Records a Tough Net Loss and 5% Depletion Drop in Q1

Dear Client: Craft Brew Alliance's first quarter results for 2019 are in. The brewer was lapping a somewhat easy depletion comp (down 4% in Q1 2018), but failed to capitalize on that with depletions falling 5% over the quarter. The decline in depletions was "primarily attributed" to the lagging Redhook and Widmer Brothers brands, "as well as a timing-related decrease in international depletions," according to the company. We'd also note that Kona's depletion growth was not where we're used to