Crown STRs up 11.6%

April 9, 2014 Dear Client: For their fiscal year, net sales for Crown increased 10% "primarily due to volume growth driven by strong consumer demand," and 13% for the quarter. Depletions were up nearly 8% for the year. Pricing was up a 3.3% which helped Crown achieve a 33.5% margin on beer. Beer shipments were up nearly 10% in the quarter and depletions were up 11.6%, an acceleration. "Our beer business exceeded our expectations for the year fueled by robust