Shares of Boston Beer tumble after disappointing demand for hard seltzer dragged down the company’s quarterly earnings and revenue.
tumbled 26% in morning trading Friday after disappointing demand for hard seltzer dragged down the company's quarterly earnings and revenue.
The company laid the blame for the disappointing quarter on softer-than-expected demand for hard seltzer. Boston Beer owns Truly Hard Seltzer, one of the top brands in the category, but new competition and slowing growth were among the factors that hurt the brand's sales this quarter. He added that Boston Beer had raised its production of Truly to be able to meet peak demand during the summer. Facing less demand than expected, now its breweries have higher inventory, and the company saw higher supply chain costs that ate into its margins.
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