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Photo: Rob Kim/Getty Images

Boston Beer sent another signal the hard seltzer fad is fading — and told Wall Street that it will make less money because of it.

Why it matters: It’s a reversal of a mega-booze trend that a slew of companies raced to get in on.

Catch up quick: Back in July, Boston Beer said it overestimated demand for its “Truly” brand. Executives warned Wall Street profits wouldn’t be nearly as high as initially thought because of hard seltzer uncertainty.

Turns out the company wasn’t pessimistic enough: Now it says profits could be even lower, thanks to inventory write-offs and shortfall fees to third parties, per a statement.

  • It says “there will be continuing uncertainty” ­about hard seltzer de­mand trends for the re­st of 2021, and withdrew guidance altogether.

The intrigue: Drink heavyweights and newcomers tapped into the hard seltzer hype, filling shelves with options. The beer giant partially blamed its woes on a heavily splintered market.

  • "New hard seltzer brands at retail [stores] ... have resulted in a proliferation of choices and consumer confusion,” founder Jim Koch told analysts in late July.

By the numbers: Industry-wide, there will be 30 million fewer cases of hard seltzer sold this year than what was anticipated in July, the company said, citing research.

  • “We believe the sustained decline in regular [hard seltzer] consumption is driven by the reopening of bars & restaurants,” where it's “underindexed” versus beer, wine or other spirits, analysts at UBS wrote this week.

What to watch: Boston Beer is going deeper into hard seltzer. It said last month it would partner with Pepsi to create hard Mountain Dew.

Go deeper

John Frank, author of Denver
Sep 9, 2021 - Axios Denver

Where to celebrate Denver Beer Week

A vendor at the 2014 Craft Brewers Conference in Denver. Photo: RJ Sangosti/The Denver Post via Getty Images

The Great American Beer Festival is canceled again. And other Denver beer events followed suit.

The good news: The nation's top craft brewers are still coming to Colorado this week — and bringing beer just in time for Denver Beer Week.

Updated 9 mins ago - Politics & Policy

Supreme Court rejects Trump's attempt to shield documents from Jan. 6 committee

Photo: Melissa Sue Gerrits/Getty Images

The Supreme Court rejected on Wednesday night a bid by former President Trump to block the release of documents and records from his administration to the House committee investigating the Jan. 6 riot at the Capitol.

Why it matters: Trump asked the Supreme Court to step in and block the release of the documents last month after a panel on the U.S. Court of Appeals for the D.C. Circuit unanimously denied his attempt to prevent the committee from obtaining the materials.

Senate Republicans block voting rights bill

Senate Minority Leader Mitch McConnell, a Republican from Kentucky, walks to the Senate floor at the U.S. Capitol in Washington, D.C., on Jan. 18, 2022. Photo: Eric Lee/Bloomberg via Getty Images

Senate Republicans blocked Democrats' voting rights legislation from coming to a final vote on Wednesday in what was largely viewed as a doomed effort from the start.

Why it matters: The failed vote underscores the Democratic Party's current uphill battle to pass sweeping legislation in a 50-50 Senate.