The Boston Beer Company Inc.’s profit slipped in the first quarter as higher costs put a downer on sales gains.
Shipments were up 18% for a total of 632,000 barrels with Twisted Tea and Angry Orchard being the big growth brands in the portfolio yet again. Jim Koch, Chairman and Founder of the Company, commented, “I am pleased that The Boston Beer Company achieved record depletions in the quarter as the health of our cider and tea brands offset slight softness with Samuel Adams.”
The company had a net income of $6.9 million for the quarter, down from $7.5 million in the first quarter last year.
Boston Beer has announced plans to release Sam Adams in cans this month and increase spending on in-the-field sales reps.