Q2 2024 Boston Beer Company Inc Earnings Call Transcript
Key Points
- Twisted Tea continues to be a strong brand with 15% growth in dollars and increased market share.
- Positive early feedback and improving sales trends for new products like Sun Cruiser.
- Successful launch of higher ABV Truly Unruly, performing well in grocery channels.
- Modernizing supply chain and achieving savings in ingredient purchasing.
- Strong operating cash flow allows for continued investment and share repurchases.
- Overall hard seltzer category is declining, with Truly Hard Seltzers down 22.8%.
- Lower than targeted wholesaler inventory levels due to variability in demand.
- Revenue for the quarter decreased by 4% due to lower volumes.
- General and administrative expenses increased by 7% year over year due to inflation in salaries and benefits.
- Challenges in improving line efficiencies in breweries, impacting cost savings.
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-- started as the craft beer company with a visionary founder and evolved into a $2 billion company with a diversified portfolio of brands across beer and beyond beer. Over the last few years, we've experienced more volatility with shifts in consumer preferences away from beer to beyond beer categories.
With an unprecedented surge in demand for our products during the pandemic and navigating the macroeconomic impact of high inflation on consumers over the past few years, our focus has been growing our portfolio of products, ensuring access to capacity and beginning to build the systems and infrastructure to support our diversified portfolio going forward will be focused on improving and execution, which unlock additional revenue as well as improving margins for that lowering costs.
Our status as a diversified beyond beer company requires being more precise in our from product development, all the way we'll be focused on
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