Boston Beer Company reported a 15% decrease in shipments for the last quarter, a 707,000 barrel drop in its beer, cider, tea and hard seltzer brands. The company reported a net income of $5.7 million, which was a $1.3 million decline from the same period last year.
“Our total company depletions continued to decline in the first quarter,” brewery founder and chairman Jim Koch said in a press release. “These declines were mostly caused by weakness in the Samuel Adams brand, especially our seasonal beers, and a general softening of the craft beer category that continues to be very competitive.”
Boston Beer said it is projecting a full-year shipments to be down about 7%