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Boston Beer CEO acknowledges Q2 hard seltzer sales miss – ‘we don’t look very smart’

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Boston Beer CEO David Burwick said Friday the company was surprised by the disappointing second-quarter sales of its Truly hard seltzer, telling CNBC in an interview that management does not “look very smart” after its prior forecast.

“The trade-off from grocery and liquor store purchase and consuming at home to bars during that time period particularly as the summer hit is really what hit us,” Burwick said on “Closing Bell.” “And honestly, it hit us hard and fast. … We don’t look very smart by missing on that guidance.”

Shares of Boston Beer plummeted Friday, closing down 26% at $701 apiece, as Wall Street reacted negatively to the company’s worse-than-expected quarterly results…



Source cnbc.com

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