First-quarter revenue for Boston Beer Co. jumped 10.3% to $122.9 million, primarily thanks to an 8% growth in shipments.
The Boston Beer Company reported first quarter 2012 net revenue of $113.3 million, an increase of 11% over the same period last year, mainly due to core shipment growth of 8%. Net income for the first quarter was $7.5 million.
Depletions for the 13 week period ending March 31, 2012 grew by 10% from the comparable 13 week period in the prior year ending April 2, 2011.
Boston Beer Co. rolled out its Samuel Adams Alpine spring seasonal beer and expanded distribution of its Twisted Tea and Angry Orchard brands nationally late in the quarter.
The company, which said it raised its prices by about 3 percent during the quarter ended March 31, reported $7.5 million in net income, up from $3.9 million in the prior-year period.
“We are still seeing expanded distribution of domestic specialty brands and craft brands, but, even so, we grew the Samuel Adams brand during the quarter,” founder and chairman Jim Koch said in a statement. “We are happy with the health of our brand portfolio and remain positive about the future of craft beer.”
Boston Beer Co. increased advertising, promotional and selling expenses by $2.9 million during the quarter, and expects to continue to ratchet up those investments “commensurate with the opportunities and the increased competition that we see,” according to CEO Martin Roper.