Increased demand for CBA's well-loved brands, including
Our gross margin rate increased by 230 basis points to 32.8% in the second quarter, which contributed to a 240 basis point increase and 30.3% gross margin rate year-to-date. We attribute the increase to significant advancements in our brewery efficiency and utilization and supply chain.
"We continue to achieve steady and consistent growth through leveraging the power of CBA's advantaged strategy and our leadership in brewing, branding and bringing to market world-class American craft beers," said
Net sales and total beer shipments grew 16% and 13%, respectively, for the quarter. We attribute these increases to the continued organic growth of our complementary portfolio of high-quality, award-winning beers such as Widmer Brothers Upheaval IPA, Redhook KCCO Black Lager,
Gross margin rate increased 230 basis points to 32.8% over the second quarter in 2013.
Capacity utilization increased to 87% from 77% in the comparable three-month period in 2013.
As a percentage of net sales, our selling, general and administrative expense ("SG&A") remained steady at 26.8% in the second quarter, compared to 26.4% for the second quarter of last year.
Diluted earnings per share for the second quarter improved to
Net sales and total beer shipments grew 17% and 15%, respectively, in the six-month period ended
Gross margin rate increased 240 basis points to 30.3% over the comparable period in 2013.
Capacity utilization increased to 78% in the first half of 2014, compared to 68% in the first half of 2013.
As a percentage of net sales, our selling, general and administrative expense ("SG&A") decreased to 27.1% in the six-month period ended
Diluted earnings per share for the first six months of 2014 improved to
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