The Boston Beer Company, Inc. reported its financial results for the thirteen and thirty-nine weeks ended September 28, 2024, reflecting mixed performance compared to the previous fiscal period. Total revenue for the thirteen weeks reached $605.5 million, a slight increase of $3.9 million or 0.6% from $601.6 million in the same period of 2023. However, net income for the quarter decreased significantly to $33.5 million, down $11.8 million or 26.0% from $45.3 million in the prior year. This decline was attributed to increased operating expenses and a substantial non-cash impairment charge of $42.6 million related to the Dogfish Head brand.
For the thirty-nine weeks ended September 28, 2024, net income rose to $98.5 million, an increase of $4.1 million or 4.3% from $94.4 million in the same period of 2023. Total revenue for this period was $1.61 billion, a slight decrease of $4.3 million or 0.3% from $1.61 billion in the previous year. Gross profit for the thirty-nine weeks increased by 4.1% to $733.0 million, while operating income also improved by 4.8% to $132.0 million.
The company’s total assets decreased to $1.38 billion as of September 28, 2024, from $1.43 billion at the end of 2023. Current assets increased to $535.7 million, driven by a rise in accounts receivable and inventories, which grew significantly from $115.8 million to $160.3 million. Total current liabilities also increased to $263.6 million, up from $223.3 million.
In terms of strategic developments, Boston Beer Company has been active in stock repurchases, having repurchased approximately 595,732 shares for $176 million during the thirty-nine weeks ended September 28, 2024. The Board of Directors authorized an increase in the stock repurchase program limit from $1.2 billion to $1.6 billion in October 2024.
The company also reported a notable increase in advertising, promotional, and selling expenses, which decreased by 3.0% to $148.0 million for the thirteen weeks ended September 28, 2024. General and administrative expenses rose by 8.7% to $142.2 million for the thirty-nine weeks, reflecting increased costs associated with the CEO transition.
Overall, while Boston Beer Company experienced growth in net income for the longer reporting period, the quarterly results highlighted challenges, particularly in profitability and increased operational costs.
About BOSTON BEER CO INC
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