Boston Beer Company CEO Dave Burwick will step down and retire from the company’s board of directors, effective April 1. Michael Spillane, a Nike executive and lead director on Boston Beer’s board of directors, will supplant him.
Boston Beer Company’s top priorities in 2023 are sustaining double-digit growth for Twisted Tea and stemming the losses for Truly Hard Seltzer, executives shared during the company’s Q4 and full-year earnings report. Leadership laid out their 2023 plans to investors. Here are some of the highlights of Thursday’s call with investors and analysts.
For the full fiscal year, Boston Beer shipped 8.2 million barrels to wholesalers, marking a -3.8% decline compared to 2021. Depletions (shipments to retailers) also declined by -5%.
Boston Beer is hitting the reset button with Truly Hard Seltzer in an effort to reverse the brand’s negative trends. Ahead of today’s Q4 and full-year earnings report, Boston Beer announced it would release new packaging, a new advertising campaign and communicate “clearer messaging” for Truly this spring as the company looks to grow Truly’s share and hold the No. 2 position in the segment behind White Claw.
Coors Light and Miller Lite battled it out (literally) in Molson Coors’ Super Bowl ad spot Sunday, but in a surprise twist, the 30-second spot ended up being an ad for Molson Coors’ craft beer brand Blue Moon Belgian White.
Boston Beer Company’s named executive officers (NEO) will all receive raises in 2023 and most will receive a portion of their 2022 bonuses, according to a U.S. Securities and Exchange Commission (SEC) Form 8-K filed last week.
Boston Beer Company’s 2023 Samuel Adams Super Bowl ad will imagine a kinder and “brighter” Boston, starring “Your Cousin From Boston,” Boston Celtics legend Kevin Garnett and comedian Lenny Clarke.
A U.S. District Court Judge has tossed out a proposed class-action lawsuit filed by an investor against the Boston Beer Company alleging the maker of Truly Hard Seltzer and its top executives failed to disclose decelerating sales of the hard seltzer brand to investors, Law360 reported.
San Francisco-based Cellarmaker Brewing Company has acquired The Rare Barrel and its facility in Berkeley, California. Two days before the 2022 FIFA World Cup is scheduled to kick off in Qatar, the country has said it will not allow beer sales at the event, walking back previous expectations, The New York Times reported.
Executives from Anheuser-Busch InBev (A-B), Molson Coors Beverage Company and Constellation Brands all championed core beer during Beer Marketer’s Insights’ Beer Insights Seminar Monday in New York City.
While much of Boston Beer Company’s annual business plan (ABP) meeting with wholesalers Tuesday was dedicated to beyond beer innovations (see yesterday’s coverage), “beer is still our middle name,” founder and chairman Jim Koch once again attempted to reassure everyone.
Traditional beer is expected to decline -2% in the next five years, Boston Beer founder and chairman Jim Koch told wholesalers Tuesday during the company’s annual business plan meeting with northeastern wholesalers. “We say a prayer for the big brewers because they’re the ones that really build the trucks that we can then fill out, but I think the reality is it will probably not grow in the lifetime of the people in this room,” he said.
Boston Beer Company is expanding its ready-to-drink canned cocktail portfolio with the addition of Loma Vista Tequila Soda, the company’s first tequila-based RTD.
The Boston Beer Company – parent of Samuel Adams, Angry Orchard, Twisted Tea, Truly Hard Seltzer and Dogfish Head – aims to become the No. 1 beer industry supplier in the fourth category, CEO Dave Burwick said during a conference call with investors and analysts to discuss the company’s third quarter 2022 earnings.
Boston Beer Company reported a -6% decline in depletions, while shipments increased +1.4% in its third-quarter 2022 earnings report today. Boston Beer recorded a $27.1 million non-cash impairment of intangible assets related to the Dogfish Head brand
