Depletions up 13% in second quarter
The Boston Beer Company reported a second quarter core product depletions increase of 13% as compared to the second quarter of 2009. Net income for the second quarter was $16.3 million, an increase of $4.4 million from the second quarter of 2009, primarily due to increased core shipment volume, partially offset by increased selling expenses.
Jim Koch, Chairman and founder of the Company, commented, “We achieved depletions growth of 13% in the second quarter. This record second quarter for depletions is due to our strong sales execution and continued support from our wholesalers and retailers. We are happy with the health of our brand portfolio and remain positive about the future of craft beer.”
Core shipment volume for the six month period ended June 26, 2010 was 1,081,000 barrels, a 13% increase from the same period in the prior year.