In what will likely be a long string of troubling first quarter financial reports in the brewing industry, Craft Brew Alliance reported first quarter shipments down 6% and revenue down 8%, due to “on-premise closures” according to a company financial statement released today. Kona, the company’s largest brand was down 2% in shipments while Widmer was down 26% in shipments.
“I am proud that even against this unprecedented backdrop, complete with all of its challenges, our decisiveness in quickly adapting allowed us to manage our financials while still looking out for the well-being of our employees and stakeholders,” said CBA CEO Andy Thomas. “We are mindful that thus far, we have been able to weather the initial impacts remarkably well compared to others in our space. Looking forward, we remain squarely focused on sustaining our operational health, completing key initiatives such as the new Kona brewery, and closely tracking consumer shifts, as we continue through the regulatory review process in preparation for our exciting combination with Anheuser-Busch as planned.”
Full statement here.