Craft Brew Alliance Explains it All

Dear Client: Q1 2015 still "isn't the time" for their numbers to "speak for themselves," CBA CEO Andy Thomas opened today's earnings call. He promised to "explain and not excuse" Q1 2015. Recall that their quarterly depletions are up 1%, with an 8% shipment decline and 5% sales reduction. But core brand growth in their home markets (see yesterday's CBD) belies growing in a "more focused, less fragmented way in our most profitable, sustainable geographies," Andy said. He pointed out