Boston beer reports second quarter financial results

Boston , july 27, 2023 /prnewswire/ --- the boston beer company, inc. (nyse: sam), today reported financial results for its second quarter that ended july 1, 2023. key results were: second quarter 2023 summary: depletions decreased 3% shipments decreased 4.5% net revenue decreased 2.1% to $603.3 million gross margin increased 230 basis points to 45.4% net income increased 8.8% to $58.0 million diluted income per share increased 9.5% to $4.72 capital structure generated $119.0 million in operating cash flow in the second quarter ended the second quarter with $207.8 million in cash and no debt repurchased $52.5 million in shares from january 3, 2023 to july 21, 2023 "we saw improvement in our financial performance and our volume benefited from the timing of the july 4th holiday in the second quarter, as we continue to execute our operational plans.
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