SAM - Why Samuel Adams Brand Parent Boston Beer Shares Are Plunging Today | Benzinga
The Boston Beer Company, Inc. (NYSE:SAM) shares are trading lower after the company reported worse-than-expected fourth-quarter FY23 results.
Net revenue decreased 12.0% Y/Y to $393.7 million, missing the consensus of $413.8 million. Net revenue decreased 3.1% Y/Y on a 13-week comparable basis. A $5.1 million international sales tax adjustment negatively impacted the fourth-quarter revenue.
Depletions decreased 9% Y/Y, and shipments plummeted 12.2% Y/Y in the quarter.
Gross margin expanded 60 ...