USA, OR: Craft Brew Alliance reports Q2 results
Craft Brew Alliance (CBA) on August 2 reported second quarter earnings results, which were highlighted by a 9 percent increase in Kona depletions.
But Kona’s continued depletion growth – which CBA executives have repeatedly touted as a mainstream, crossover brand that sources volumes from the craft and import segments – couldn’t completely offset ongoing declines of Widmer Brothers and Redhook.
Widmer depletions dipped 13 percent during Q2, while Redhook depletions declined 24 percent, the company noted in an SEC filing. Those declines contributed to portfolio-wide depletion decreases of 2 percent. Year-to-date depletions, meanwhile, were down 1 percent through June 30, the company added.
Portfolio-wide shipments also decreased 8 percent during the quarter and 4 percent year-to-date, while net sales decreased 3 percent during the quarter, to $60.6 million. However, the company’s year-to-date sales were still up 3 percent, to $104.9 million, something CBA attributed to shipment growth for its Kona and partner brands.
“Our year-to-date performance is largely in line with expectations,” CFO Joe Vanderstelt said via a press release. “We believe our plans for the balance of the year ensure CBA is well positioned to deliver on our objectives for 2017.”
For his part, CEO Andy Thomas said the company’s ability to grow sales of Kona, at a time when competition within the craft segment has reached an all-time high, was “impressive.”
“In my nearly 25 years in the beer business, I have seen the industry evolve and adapt countless times but nothing has come close to the competition, complexity and consumer-driven change facing our market today,” he said via the release. “Against this backdrop, CBA’s ability to sustain robust growth for Kona, accelerate our partnership strategy, and make significant progress evolving our brewing footprint while stabilizing inventory levels is not just impressive, but highly encouraging as well.”
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