Depletions up 14% for first quarter
Boston Beer Co. reported yesterday that core brand depletions were up a whopping 14% in the first quarter.
Boston Beer, often looked at as the barometer for the craft beer industry as a whole was expected to show growth this quarter against a 6% drop in the same period last year, but the mid-double digit growth was good news indeed,
The company posted strong results across the board, with net income of $6.3 million compared to net income of $1.37 million in the same quarter last year and gross margins up to 51% from 47% last year, in part due to a 2% price hike.
Gross profit per barrel increased to $104.80 per barrel from $74.02 for the three months ended March 28, 2009.