- Sales from three months to end of March decline 4.7% to US$410m
- Twisted Tea, Hard Mountain Dew hold the fort ahead of Truly moves
The rollercoaster ride continues for The Boston Beer Co with a near-5% dip in sales from the first quarter.
Almost three months after posting a 28% jump in sales in the closing three months of 2022, the Truly Hard Seltzer brand owner said last week that its top line in the quarter to the end of March decreased by 4.7% compared to the corresponding period a year earlier. An upturn has been forecast for the coming months, however, thanks to what the company described as “our operational plans”.
Boston Beer, which earlier this year announced a refresh of Truly including the relaunch of Truly Vodka Seltzer as Truly Vodka Soda, admitted to "continuing challenges in the hard seltzer category" in the US. The comment echoed those made by Anheuser-Busch InBev this week about "a "soft malt-based seltzer industry in the US" at the moment.
Growth was recorded by the Twisted Tea Hard Iced Tea and Hard Mountain Dew brands, however, although flagship beer brand Samuel Adams joined Truly as well as Angry Orchard and Dogfish Head in posting volume declines.
"We ... expect that our investments to fortify Truly, which are launching in the second quarter, will help us win in the marketplace over the long term," said CEO Dave Burwick.
Founded in 1984, Boston Beer timed its move into hard seltzer well, as Truly rose to hold the number two spot, behind White Claw, in the US. The company has remained active outside of beer with, Jim Beam Kentucky Coolers, the latest fruits of its Beam Suntory partnership, rolling out to the country in April.
