Boston beer reports third quarter financial results

Boston , oct. 26, 2023 /prnewswire/ -- the boston beer company, inc. (nyse: sam), today reported financial results for its third quarter that ended september 30, 2023. key results were: third quarter 2023 summary: depletions decreased 6% on a fiscal calendar basis and decreased approximately 3% on a comparable week basis shipments decreased 2.5% on a fiscal calendar basis and decreased 1.8% on a comparable week basis net revenue increased 0.9% to $601.6 million gross margin increased 250 basis points to 45.7% net income of $45.3 million, which includes non-cash brand impairment charges of $16.4 million and the related tax benefit diluted earnings per share of $3.70, including non-cash brand impairment charges of $0.96 per share capital structure generated $131.3 million in operating cash flow in the third quarter ended the third quarter with $310.8 million in cash and no debt repurchased $69.4 million in shares from january 3, 2023 to october 20, 2023 "on a comparable weeks basis, which adjusts for the timing impact of the july 4th holiday, our depletions trends improved from a decrease of 7% in the second quarter to a decrease of 3% in the third quarter.
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