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Mar 28, 2020
Boston Beer Q1 2020 Earnings Report
Reported a decrease in net income due to increases in operating expenses and lower gross margins, despite higher net revenue.
Key Takeaways
Boston Beer reported a 31.4% increase in net revenue, driven by a 32.2% increase in shipments. However, net income decreased due to higher operating expenses and lower gross margins, impacted by the COVID-19 pandemic.
Depletions increased 36% from the comparable 13-week period in 2019, or 30% excluding the addition of Dogfish Head.
Shipments increased 32.2% from the 13-week period in 2019, or 27.5% excluding the addition of Dogfish Head.
Gross margin was 44.8%, 4.7 percentage points below the 2019 first quarter margin.
Advertising, promotional and selling expenses increased $26.2 million, or 36.5%, compared to the first quarter of 2019.
Forward Guidance
Due to the many rapidly changing variables related to the pandemic, the Company is currently not in a position to accurately forecast the future impacts of the pandemic and is withdrawing its full-year fiscal 2020 financial guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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