The 2022 release of Russian River’s Pliny the Younger generated $6.1 million in economic impact, a record for the brewery and a $1 million (+20%) increase compared to 2020, the last year that the triple IPA was released.
Sonic Hard Seltzer is getting two sibling brands this fall as the license agreement between its parent company, COOP Ale Works, and Sonic Drive-In expands to Sonic Hard Southern Sweet Tea and Sonic Hard Slush.
Colleen Quinn, former chief commercial officer (CCO) for Greater Good Imperial Brewing Company, has been promoted to CEO of the Worcester, Massachusetts-based brewery, effective July 1.
Pricing was the clear theme of the question-and-answer portion of Constellation Brands’ first quarter FY2023 earnings call on Thursday. More specifically, analysts were wondering why the company is hesitant to increase price in an inflationary environment. CEO Bill Newlands reiterated that Constellation’s “long-term algorithm on pricing is +1%-2%,” although last year it increased beer prices +3.5%.
Following the July 4 holiday, Brewbound’s Brew Talks conversation and networking series will discuss the opportunities and pitfalls for craft beer-focused companies playing in the fourth category during a meetup at the Samuel Adams brewery in the Jamaica Plain neighborhood (30 Germania Street, Boston, MA, 02130) on Wednesday, July 27, from 3-6 p.m. ET.
U.S. beer shipments declined -2.2% in May 2022, to an estimated 14.6 million barrels, according to the Beer Institute, citing the latest domestic tax paid shipment estimates shared by the Alcohol and Tobacco Tax and Trade Bureau (TTB).
Constellation’s beer depletions increased +8.7%, while shipments grew +17.3%, to 99.5 million case equivalents during the first quarter of its 2023 fiscal year, the company reported today. Net sales increased +21%, to more than $1.898 billion, with gross profit of more than $1 billion (+14%). The beer business’ operating income also increased +13%, to $762.8 million.
The Brewbound team discusses the pending sale of Stone Brewing to Sapporo and the auction sale of Modern Times to an affiliate of Brewery X. This week’s featured guest is Courtney Simmons, diversity, equity and inclusion director for New Belgium and Bell’s.
Reyes and Seismic Come to Amicable Resolution on Antitrust Lawsuit, Plan to Work Together
Goldman Sachs’ pessimism for Boston Beer Company’s 2022 sales performance and the company’s ability to reach its 2022 guidance continues, with analyst Bonnie Herzog downgrading Boston Beer to a “sell” rating in the financial services firm’s June Beverage Bytes retailer survey.
Another craft brewery is exploring a potential sale of the company. Melvin Brewing announced today it is seeking “a strategic partner” to “support and assist with current growth initiatives,” a process that could lead to the sale of the Alpine, Wyoming-based craft brewery.
The life of Bevy Long Drink, Boston Beer’s malt-based foray into the Finnish long drink segment, won’t be very long after all. The company has discontinued the brand, which it launched in 20 test markets late last year and expanded nationwide earlier this year.
Halfway through 2022, the beverage-alcohol industry is facing an unending wave of headwinds. Scott Scanlon, EVP of market research firm IRI’s beverage-alcohol vertical, shares the firm’s mid-year report card for the bev-alc industry. Scanlon strikes an optimistic tone for the beer category for the rest of 2022.
In the wake of Breakthru Beverage’s acquisition of J.J. Taylor’s beer business in Minnesota, Summit Brewing Company’s portfolio has moved to A-B house Capitol Beverage Sales in the Minneapolis-St. Paul area, with pieces of territory doled out to College City (A-B) and Dahlheimer Beverage, a Molson Coors house.
