The hard seltzer boom goes flat: Boston Beer saw $3 billion of market cap evaporate due to disappointing sales of spiked fizzy drinks, rob_cyran says.
Cans of AB InBev's Bud Light hard seltzer are seen next to White Claw at Jewel-Osco supermarket in Chicago, October 21, 2020. REUTERS/Richa Naidureleased Thursday tasted as bad as a Truly Pineapple drink left open overnight. Net income fell by almost 2% compared with the same period last year. That wiped off about a quarter, or $3 billion, off the company’s value.
Boston Beer’s bubbliest market has several leaks. Fewer new people are starting to drink hard seltzer, with a 7% increase in household penetration so far this year compared to 73% in the same period in 2020, said Chief Executive David Burwick. As the pandemic wanes, more people are going out, where beer still reigns.
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