| | | | | Welcome to Brewbound’s Inside Look at the Beer Business for the week that was … Saturday, October 28, 2023. Where I have great news for 2016 Sean! (I’m Sean, BTW ... yes, I dressed myself today, why?) TREE HOUSE is coming to NY state! So, no more need to wait in line for an hour in a random Massachusetts field under moonlight in 40-degree weather to buy a 4-pack of beer. I guess now I can just do that for fun 🙌. But yes, TREE HOUSE will be opening its sixth location in Saratoga Springs, NY, next year … presumably before horse racing season begins? The location will be 5 minutes away from Saratoga Race Course, and what better way to make wager decisions than by downing a pint of 8% ABV double IPA beforehand, amirite? | | | don't worry, he already raced. via Giphy |
| | 🍻 TOP CRAFT | | | | Via Giphy/Sony Pictures | I’m not sure how much DRAFT KINGS action was out there that trends would get better … but yeah, according to CIRCANA data – YTD craft sales are -0.8% through Oct. 8, down from -0.7% at the end of September. Golden ale is the only craft style up YTD in both sales (+4.5%) and volume (+1.3%). Craft numbers for the last 4-weeks ending Oct. 8: - Sales: -2.5% YoY
- Volume: -5.4% YoY
BUT: NEW BELGIUM sales are +10.3% and volume +9.8% YTD, so all good there … uh, in case there was any concern (for the record, I wouldn't recommend betting against VOODOO RANGER sales on DRAFT KINGS). In fact, the VOODOO RANGER family has 6 of the top 30 best-selling craft brands in the off-prem YTD. NEW BELGIUM also had over 16% of craft beer sales in the C-store channel in the 4-week period, according to CIRCANA. Zoe has more of the latest scan data for ya, here. PLUS: A new GOLDMAN SACHS survey on c-store trends indicates beer sales were +5% overall in Q3, and has plenty of other insights to dive into here, including interview intel from the frontline. |
| | | | | This is why the Boston Beer earnings call is so well attended... via Giphy | Ah, dammit, I forgot the ‘Oh My’ on the end of that 🤦. Well, anyway, here’s what the home that SAM ADAMS built and TWISTED TEA tastefully redecorated had for Q3 sales info: - Q3 Depletions (sales to retailers): -6% (-5% YTD)
- Q3 Shipments (sales to wholesalers): -2.5% (-4.6% YTD)
- Q3 Net Income: $45.3 million
- This includes a new write-down on the DOGFISH HEAD brand of $16.4 million. This is on top of a $27.1 million writedown on the brand a year ago.
- Dogfish’s fair value is now $55.6 million, vs. $99.1 million a little over a year ago.
- PLUS: A $600k impairment charge for CONEY ISLAND BREWING, whose taproom is being shut down next month.
Guidance was updated to -5% to -7% for both shipments (sales to wholesalers) and depletions (sales to retailers) this year. AND: A tale of 2 brand families (according to Circana off-prem data, YTD thru Oct. 8): - TRULY: -28.2% ($609 million)
- TWISTED TEA: +35.7% ($920 million)
Full details on Q3 numbers here, and notes from the earnings call here. |
| | #BahHumbug 🤦 | | | 🎤 YOU SAID IT | “We encourage anybody who is a person of color or a woman from a historically marginalized group of folks out there who maybe didn't have a seat at the table to talk to a retailer to come and talk to Whole Foods, because we want to represent their community in our stores in their own community and beyond.” – WHOLE FOODS principal buyer for beer Mary Guiver at the Beer Institute’s annual meeting in Denver earlier this month, discussing the company’s priority to welcome sales conversations with a wave of underrepresented producers rising up in craft. |
| | 💼 GET A JOB | | | 🤝 GOT A JOB | | | 🍺 BIG BEER | | | | #analogy. Via Giphy/UFC | Well, the NFL didn’t seem to make much of a change in BL’s fortunes… so, welcome to the UFC! BUD LIGHT will become the “official beer partner of the UFC” in a new 6-year deal beginning Jan. 1, supplanting current “official beer” MODELO. No exact price was stated, but CNBC reports it being “well into the nine figures” 🤑, so expect plenty of Octagon branding, digital & social content and, well obviously a bunch of BL ads in the broadcasts come January. |
| | 🎙️BREWBOUND PODCAST | | | ⏱ QUICK HITS | | | Look, I’m not saying this was the tagline they chose for the Q1 marketing campaign, but it was considered. Via Giphy/IFC |
- Some HEINEKEN Q3 Numbers to round us out here today:
- Net Revenue: +4.5%
- Beer Volume: -4.2%
- U.S. Revenue: down “high-single digits”
- Zero mention of LAGUNITAS 🧐
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| | BREWBOUND LIVE | | December’s BREWBOUND LIVE in Marina del Rey, CA, already has the executive at the center of the year’s biggest deal in craft – TILRAY BRANDS prez of U.S. Beer Ty Gilmore … PLUS: Well, let’s just go full list on the lineup at this point, which keeps growing! - NBWA chief economist Lester Jones
- BA chief economist Bart Watson
- BELL’S Brewery EVP Carrie Yunker
- NATIONAL BLACK BREWERS ASSOC exec director Kevin Asato
- BuzzBallz founder Merrilee Kick
- RHINEGEIST Brewing CEO Adam Bankovich and co-founder Bryant Goulding
- BeatBox Beverages co-founder Aimy Steadman
- ROGUE ALES president Steven Garrett
- STATESIDE Vodka CEO Clement Pappas
- EXTRA MILE Convenience Stores category manager Michelle Abdollah,
- CROWNS & HOPS founders Beny Ashburn and Teo Hunter
- NIQ beverage alcohol vertical director of thought leadership Kaleigh Theriault
- 3 TIER BEVERAGES analytics and client success consultant Stephanie Roatis.
- Advisor and board member Simon Thorpe
- Karl Strauss co-founder and CEO Chris Cramer
- Arlington Capital Advisors managing director Ryan Lake
- CANarchy chief commercial officer Chris Russell
- Great Notion co-founder and CEO Paul Reiter
- Circle K category manager Julie Farmer
- Three Weavers founder and CEO Lynne Weaver
- The E-Premise Group founder Ethan Stienstra
- Liquid Death SVP of marketing Dan Murphy
- Owl’s Brew co-founder Jennie Ripps
- Firestone Walker shopper marketing manager Ruby Martinez
- Bump Williams Consulting VP of analytics & insights Dave Williams
- Mellow Mushroom associate director of beverage operations Kynyetta Lester
- Stone Distributing GM Brian Fried
- Breakthru Beverage California director of beer Sinead Carey
AND, YES: Still more names to come – thinking my panel invite should come any day now, no? 😁 SO: Get your tickets now – right here for Dec. 6 & 7 in SoCal! BREWBOUND Insiders save $200! Sweet! Plus Zoe said she’d totally sneak me a couple beers from her hotel fridge at the breakfast buffet, so I got that goin’ for me. |
| | THIS BEER’S FOR YOU! 🍻 | | | Literally the only GIF that comes up when one searches for “braggot” - thanks ROGUE!. Via giphy. Uh and ROGUE | This week’s beer is going out to … OK, granted, a likely small, but very important demo of NYC Sunday sunrise braggot drinkers! Yes, Dave, NY Gov. Kathy Hochul signed a bill this week that will finally allow you to now buy braggot (along with beer, cider and mead) between the hours of 3 a.m. and 8 a.m. on Sundays from licensed grocery stores … who are open between 3 a.m and 8 a.m. on a Sunday. Err, and one who stocks braggot of course (don’t worry, I hear Dave’s got a guy). Enjoy, buddy! Glad to hear your years of lobbying have finally hit pay dirt. Slainté! Til next Saturday, you can reach me anytime here on LinkedIn. -Sean McNulty |
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