Craft Brew Alliance (CBA) reported its financial results for the first quarter ended March 31, 2015. The company announced a 5% drop in sales which prompted an 18.8% drop in its stock price the following day.
Depletions were up slightly at 1% during the period, primarily due to strong sales in home markets of Washington, Oregon and Hawaii where deletions were up 8%.
On a conference call with analysts, CBA Chief Executive Andy Thomas emphasized “our home-market strategy,” selling its beers in the states where they are produced. Total shipments were down 8%.
Shipments of Redhook beer fell 16% after growing just 3 percent during 2014. Even Kona shipments down -0.9%, which has been the leading growth brand in the CBA portfolio.
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