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Fizzy Alcoholic Drink Crossword Clue 7 Letters – Five years ago, the parents of Sam Adams, a Boston beer company, decided to switch to hard seltzer. And the clear bubbly stuff soon became one of the craft beer pioneer’s fastest-growing products.
But Boston Bears executives woke up Friday with a costly hangover. Weak demand for their Truly Hard Seltzer led to poor earnings and revenue results, and the company’s stock fell more than 26 percent, wiping out $2.5 billion in market value in one day.
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Chief Executive Dave Berwick told investors Thursday evening that Boston Beer “overestimated the growth of the hard seltzer category.”
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Anticipating a “summer peak,” he said, Boston has increased production of Beer Trulli. But sales haven’t followed, and now stuff is piling up. Boston Beer’s profit fell 1.6 percent to $59.2 million in the quarter, the company said, and overall sales fell short of analysts’ expectations.
It was a notable miss for the craft beer giant, which has seen its stock price nearly double since the start of the COVID-19 pandemic. And that prompted Goldman Sachs to downgrade Boston Bear’s rating from “buy” to “neutral,” with analyst Bonnie Herzog writing that the results fell short of expectations “despite [management’s] consistently confident tone.”
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“Bottom line, we believe today’s results may cause investors to question [Boston Beer’s] growth strategy and expect the stock to bounce back as a result,” Herzog said.
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Boston Bears chairman Jim Koch cited several reasons for the miss. Sales have been difficult to predict this year, he said, especially when the same period last year featured massive “pantry loading” by household customers who were stocking up. And seltzer shelves are getting crowded as more brewers launch their own brands, creating what he calls “consumer confusion.”
“We were surprised by the sharpness and the suddenness of the trajectory change,” the coach said. “So it’s a really, really cloudy crystal ball. It’s like looking at a bowling ball. You can’t see much.”
And growth in the hard seltzer sector — while still strong — is slowing IWSR, a London-based firm that tracks global beverage markets, says the market for hard seltzer in the U.S. is expected to grow 130 percent in 2020, compared to 200 percent in 2019. This year, it expects a 70 percent growth
“It’s still a growing, Boston beer concept,” said Harry Schuhmacher, publisher of Beer Business Daily. “They were caught a little flat-footed in anticipation of how big it was going to be.”
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Brewers have capitalized on hard seltzer in recent years, with everyone from industry giant Anheuser-Busch InBev to local craft brewers like Night Shifting Brewing and Wachusett Brewing Co. launching their own take on the bubbly booze. There are signs that the market may be too crowded: Molson Coors Beverage Co. said earlier this month that it would stop making Coors Seltzer.
Seltzer at Rambler Kitchen & Tap, a Chicago establishment that expected to sell about 500 cans over the Memorial Day holiday weekend. Lyndon French/NYT
But Schumacher said he doesn’t think the competition is really hurting the Boston Bears. Truly and White Claw hard seltzer, made by the Marc Anthony Group, still represent about 70 percent of the U.S. hard seltzer market, according to market researcher IRI. Three out of every ten cans sold during the week of June 11 were genuine.
“The most important metric to me is market share,” Schuhmacher said. “You can take it to the bank.”
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Rather, he said it’s only natural that sales of hard seltzer will slow as Covid eases and people start eating more.
“Seltzers don’t lend themselves to serving in bars and restaurants,” he said. “There is no incentive to push a real or white claw over Tito and Soda.”
Despite its name, Boston Beer has become more reliant on seltzer in recent years, as growth has slowed for its flagship Sam Adams beer and Angry Orchard hard cider. Since 2018, Truly and Twisted Tea have helped the company reverse an overall sales slump, and consumers bought 37 percent more Boston Beer products last year than they did the year before.
David Park, manager of Gary’s Liquors in Chestnut Hill, said he hasn’t seen demand for hard seltzer wine, but he admits that “everyone and their sister” is trying to bring a new drink to market. Still, his biggest orders – up to 80 cases per week – are for Truly and White Claw, which continue to be the preferred brands.
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“The whole department has literally exploded,” he said. “I don’t see it slowing down, if anything picks it up.”
He didn’t know if hard seltzer sales would pick up later this year, calling the company’s outlook “uncertain.” But at this point, Boston Bear has made a big bet.
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He followed their lead and introduced Harvey & Verne’s Olde Fashion soda to his brewery. Without claiming to be a health drink, soda benefits from the health benefits of using more natural ingredients and avoiding artificial colors and high fructose corn syrup. Craft sodas capture a market that has abandoned traditional pop but is still open to something new to satisfy the vaguely sweet craving.
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To launch Harvey & Verne’s fourth flavor (its core trio of flavors are cream soda, root beer and ginger beer) in May, the company teamed up with Jose Cuervo Tequila to create a recipe called 3 Amigos. It features Harvey & Verne’s new Lime Soda, a cloudy, carbonated treat made with pure cane sugar and real lime zest.
Mick hopes for the margarita-style cocktail what his ginger beer did for the dark and stormy cocktail. After launching two years ago, it started popping up on cocktail lists across Ottawa, where the use of the locally bottled brew is popular. So much for non-alcoholic options.
Distribution of these sodas has grown organically, starting with a loyal hometown market of bars, shops and food trucks, and expanding across the province (with plans to move to Quebec soon) where its signature old-fashioned bottles and six-packs are sold at some Farm Boy, Whole Foods and Lowbrows. Supermarket location. A word search is a puzzle in which there are rows of letters in the shape of a square and words are written forward, backward, horizontally, vertically or diagonally. The player will have a list of words to look for and the goal of the player is to find the words hidden in the word search puzzle and highlight them.
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