SAM - Boston Beer CEO: 'We don't look very smart' for not spotting Truly growth drop-off

Rob Kim/Getty Images Entertainment Boston Beer (SAM) CEO David Burwick said Friday that company executives "don't look very smart" for not recognizing a drop-off in growth at its Truly Hard Seltzer, a fact that sparked a major stock slide when the company released its quarterly results the night before. Speaking to CNBC, Burwick explained that the sudden slowdown in sales came as a surprise when it happened in May and June, making it difficult to communicate to the Wall Street community ahead of its earnings report. Detailing what happened to the brand, Burwick theorized that customers were able to go out to restaurants and bars this summer thanks to the post-pandemic reopening. However, this hurt consumption of hard-seltzer products because they are not as "well developed" in the bar and restaurant setting, he said. Meanwhile, Truly Hard Seltzer faced a tough comparison to the same period last year, when COVID

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Boston Beer CEO: 'We don't look very smart' for not spotting Truly growth drop-off