Boston Beer reported that depletions decreased by 3% and shipments were down 4.5% in its second quarter that ended July 1, 2023. Net revenue decreased 2.1% to $603.3 million.
Boston Beer continues to struggle with declining trends in hard seltzer and in craft beer. The one bright spot was Twisted Tea and Dogfish Head which Boston Beer acquired in 2019. The second quarter saw declines in Truly Hard Seltzer, Angry Orchard, Hard Mountain Dew and Samuel Adams brands, partially offset by increases in its Twisted Tea and Dogfish Head brands.
“As we expected, our second quarter performance reflected strong growth in Twisted Tea, offset by continuing challenges in the hard seltzer category, and we are reiterating our 2023 depletion and shipment expectations as well as our earnings guidance,” said President and CEO Dave Burwick.
Depletions year-to-date decreased 4% from year-to-date 2022 and shipment volume year-to-date was approximately 3.9 million barrels, a 5.8% decrease from year-to-date 2022.
See the full second quarter financial results here.