US: Boston Beer Co sales, profits leap in H1
Boston Beer surfs craft beer wave in US beer gloom
Boston Beer Co has strongly outperformed a lacklustre US beer market by reporting solid gains in beer sales and profits for the first half of 2010.
The brewer said yesterday (3 August) that net sales reached US$223.6m for the six months to the end of June, up from $199m in the first half of 2009. However, the increase was largely due to higher prices as volumes dipped to 1.089m barrels versus 1.144m barrels last year.
Still, the Samuel Adams brewer outperformed beer industry heavyweight MillerCoors, which yesterday reported a slip in net beer sales and around a 3% drop in volumes for the same period.
Boston Beer's half-year sales reflect buoyancy in the US craft beer sector.
The firm's operating profits increased to $36.9m for the six-month period, up from $24.2m in 2009. Net profits rose to $22.5m, compared to $13.3m in the same period of last year.
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