The US brewer, Boston Beer Co., has reported second-quarter earnings of US$3.1m, down 36% from the second quarter of last year but ahead of analysts’ forecasts.
The company said the drop in earnings was attributable to increased advertising expenditure and a 4.3% drop in sales from US$58.87m to US$56.32m. Volumes were down by 6.5% which was attributed to an inventory build-up.
Boston Beer said the inventory backlog would continue to depress volumes in the second half but expects margins to rise on the back of a US$10m reduction in brand promotion costs.
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