- Third-quarter sales come in flat, +0.9% to US$601.6m
- Nine months to end of September still down, dipping 1.7% at $1.61bn
The Boston Beer Co looks to be on course for flatlining sales in 2023 after the third quarter saw its top line halt the decline recorded in the first half.
Following two consecutive quarters of falling year-on-year sales – H1 was down by 3.2% on the corresponding period in 2022 – The Truly RTD and Twisted Tea brand owner last week reported a near-1% increase from the three months to the end of September. The group will be hoping for a strong finish in the current quarter to reach parity with 2022.
As was the case three months ago, Twisted Tea was flagged as Boston Beer's saviour, as the alcoholic iced tea brand paired with Hard Mountain Dew to offset shipment decreases for Truly as well as flagship beer Samuel Adams. The company collaborates with PepsiCo for the 5% ABV extension of the soft drinks & snacks giant's Mountain Dew brand.
"We are pleased with our performance in the third quarter as momentum on Twisted Tea remained strong and we continued to show progress on our margin enhancement plans while increasing brand investment," said CEO Dave Burwick. "We plan to continue to invest behind the Twisted Tea and Truly brands while also nurturing innovation across 'Beyond Beer' categories to drive long-term growth."
Back in July, Boston Beer recruited former Constellation Brands, Beam Suntory and Allied Domecq executive Diego Reynoso as its next CFO. Reynoso has been in the post since the beginning of last month.
The Boston Beer Co's official Q3 & YTD results announcement.
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