This is an important story that shows how companies 'written off and left for dead can, indeed, make themselves relevant again,' Jim Cramer says.
The Samuel Adams beer maker, after years of declining revenue, has seen its share price more than double and break above $400 in "one of the most spectacular comebacks I've ever witnessed," the"Losing stocks can become winners again when bold management makes smart decisions and bites the bullet," he said.
In 2017, CEO Martin Roper retired and Boston Beer began investing in marketing and product development outside the slowing beer category, which included focusing on the popular Angry Orchard Cider and Twisted Tea business segments and launching the hard seltzer brand Truly. Truly is the "pillar of the turnaround" and it's paying off, Cramer said.
In an April conference call, Burwick told shareholders, "Truly continues to grow beyond our expectations. We're expanding distribution across all channels and improving our position as a leader in hard seltzer as more competitors enter the category." In April 2018, sales of the aforementioned non-beer bottles helped offset the continued losses in Sam Adams, and Boston Beer saw its stock gain $100 per share, reaching $300 by the end of June 2018.
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