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Molson Coors Beverage Company’s overall business remained in the red as the company closed its 2024 fiscal year. However, the fourth quarter showed improvement over the double-digit declines reported in Q3, and leadership is confident the company can return to growth in 2025, according to Molson Coors’ earnings call today with investors and analysts.
Just like the Kansas City Chiefs, draft beer also took an L in Super Bowl LIX. Draft beer volume declined -4.6% nationwide on Super Bowl Sunday, according to on-premise insights firm BeerBoard.
Tilray Brands is moving large-scale production from Revolver Brewing’s facility in Granbury, Texas, to other facilities, the company confirmed in a statement to Brewbound. Revolver’s Texas location “will continue to operate, focusing on unique and innovative brews, and the taproom will remain open.”
After a successful trial, Constellation Brands will expand its Modelo line extension Oro nationwide in March 2023, the company announced. Modelo Oro – a lower-calorie, lower-carbohydrate light beer intended to appeal to drinkers looking for better-for-them options – was one of several innovation productions Constellation introduced this spring for simultaneous test launches in various markets.
Anheuser-Busch InBev (A-B) will lay off 142 employees from its AB ONE operations, following the sale of the Oakland, California-based wholly owned distributor, the San Francisco Business Times reported.
Boston Beer Company’s leadership admitted the company has not performed “as expected” so far this year, lowering its guidance to a volume loss between -2% and -8%, during an earnings call with investors Thursday afternoon.
E-commerce beverage-alcohol platform Provi defended its antitrust lawsuit against Southern Glazer’s Wine and Spirits and Republic National Distributing Co. (RNDC) this week, arguing the two distribution giants have relayed a “misleading narrative” to the court, Law360 reported.
Due to the “greater than expected continuing decline in demand in the hard seltzer category,” Boston Beer Company has “reduced” its fiscal year 2022 volume and earnings guidance, founder and chairman Jim Koch said in a press release announcing the company’s Q2 2022 results.
What could the sale of a long fiercely independent craft brewery to a global brewing giant mean for consumer sentiment?
Diageo announced two new executive appointments this week, effective October 1: Debra Crew as chief operating officer (COO), and Claudia Schubert as president, North America.
Molson Coors will invest in national advertising during Super Bowl LVII, making it the first brewer other than A-B to run an official commercial during the broadcast in more than 30 years.
Anheuser-Busch InBev has struck a deal to sell its Oakland, California-based wholly owned distributor to two independent wholesalers, Markstein Sales Company and Matagrano, Inc.
Another financial services firm has lowered Boston Beer Company’s stock (SAM). RBC Capital Partners today downgraded the company’s stock from an “outperform” rating to “sector perform.”
Vita Coco is the latest non-alcoholic beverage giant to dip its toes into the RTD cocktail space, announcing today a collaboration with spirits conglomerate Diageo to release a line of coconut water spiked with Captain Morgan white rum.
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%.
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.
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.
