CS78 said:
23% drop in sales. I don't believe that at all. More like 75%. They'll be really lucky if its only 23% in five years. Would anyone be surprised to find out later that they cooked the books to hide the damage?
A comment was buried in the Q1 Conference Call that stands out. They're comparing sales numbers YoY. BUT BUT BUT they've had a price hike since last year that bolstered "sales" and improved margins.
So yes, sales volume would be down by greater than 23%.
That said, even at 23%, there is no way that isn't affecting brewing/manufacturing. There's no way they can be stacking that much excess inventory.