The Boston Beer Company today reported that fourth quarter depletions increased 15% and fourth quarter shipments decreased 24.5% compared to the quarter ended December 26, 2020. Fourth quarter net revenue of $348.1 million decreased 24.5% compared to the net revenue realized in the fourth quarter of 2020.
Full-year shipments increased 15.4% and full-year net revenue of $2.058 billion increased 18.5% compared to 2020.
According to the company press release, the fourth quarter net loss was primarily driven by the previously disclosed shipment decrease that resulted from a more aggressive wholesaler inventory reduction than expected, primarily affecting Truly Hard Seltzer.
The decline in Truly Seltzer was clearly seen in the results and was attributed to an overall slowdown in the hard seltzer category. According to the report, during the year ended December 25, 2021, the hard seltzer category growth decelerated to 13% from 158% in 2020.
See the full report here.