The Boston Beer Company, which has surprised some in the industry with a string of double-digit quarters, reported yet another solid growth spurt with first quarter 2014 core shipments up 32%.
Net revenue was $183.8 million, an increase of $47.9 million, or 35%, over the same period last year. Net income for the first quarter was $8.3 million.
Depletions for the 13 week period ending March 29, 2014 grew by 34% from the comparable 13 week period ending March 30, 2013. The Company was also able to achieve price increases of approximately 2% during the quarter.
Full year 2014 depletion growth is estimated to be between 16% and 20%.
Jim Koch, Chairman and Founder of the Company, commented, “I am pleased that The Boston Beer Company achieved record depletions in the quarter and that Samuel Adams Boston Lager, our flagship beer, has continued to grow as we celebrate our 30th anniversary