Funny how the business press relates to the business of beer a little differently from the beery press:
Shares of the Boston Beer Company (SAM), maker of Samuel Adams and other craft beers, plunged nearly 11% Thursday. The hangover comes a day after Boston Beer reported earnings that badly missed analysts' expectations. Boston Beer earned 51 cents per share in the first three months of 2013, down almost 9% from a year earlier and well below the 62 cents a share expected by analysts. Despite the drop in earnings, revenue rose 20% in the quarter as demand for cider and hard iced tea offset weakness in demand for the company's flagship Sam Adams beer. Boston Beer blamed the drop in earnings on increased spending on advertising and marketing, as well as higher costs for certain raw materials.
See all those interesting facts? The biggest craft brewer in the US has decreasing craft beer sales. Never heard that one. Just heard the hooray for everything party line of perpetual inevitable advance and domination. Instead, cider and hard ice tea props it up. Does it still deserve the pretendy "small brewer" badge or, more importantly, the tax break?
More importantly even than that, if the top craft-like brewery in the US is losing craft beer sales... is that good or bad?