Valikud Kaubandus Anecdotas

And as we have additional conversions, that could help the gross margins. As that grew dramatically in the fourth quarter, In particular, although grew all throughout , it did have an impact on our gross margins. But, yeah, I think that there's some smoke-tainted wine out there in the Valley.

Hey, Viv. Clearly you guys are floating above the fray in terms of the competitive activity at mainstream price points. But we are hearing from the trade Minecraft Multi-Player Trading System about heightened competitive activity at the high end as well, given some of the capacity issues that are happening in craft. So a two-part question, please.

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And then No. And I think that even within these categories, there are subcategories and there are things that are going on that have really no impact whatsoever on other elements of what you're referring to as a category, like the high end.

So first of all, if you looked at various definitions of the craft category, what you'll see is, on a total category basis, that pricing in craft is pretty much consistent with Valikud Kaubandus Anecdotas whole high-end or everything else for that matter.

But within craft, what you have seen are anecdotal reports of various craft beer companies reducing prices and introducing cheaper, larger pack sizes, basically to do anything to try to stem their declines.

These are specific companies but Valikud Kaubandus Anecdotas not really across the whole category effecting pricing in the craft category. That's really more a function of the fragmentation of craft and the competition in craft with the hugely expanding number of craft breweries and the trend toward hyper-localization and fragmentation for that matter.

But in general, craft pricing is pretty stable at about plus 1. Probably more importantly, the anecdotal pricing you're talking about has zero interaction with us. It does not affect us whatsoever.

Nii et me tunneme seda hästi. We don't see Valikud Kaubandus Anecdotas that's occurring that we think would jeopardize that. So I was hoping you guys could drill down a little bit more on your Q4 beer margins, which ended up better than I think you guys had been expecting based on some comments you made a few months ago.

So I just wanted to understand the key drivers of that. And then, David, you mentioned you expect beer margin expansion in FY '19 but your guidance really doesn't call for much.

So touch on that please and the factors you expect that could limit beer margin upside. And then I'd just love some thoughts on long-term expectations for beer margins.

What's realistic? David Klein - finantsdirektor Jah. So in terms of Q4, the things that were really a little different from maybe where we expected it to land was performance, in particular, continued really strong operating performance at Obregon from a cost perspective. We also had some FX benefits that we got in the fourth quarter that's maybe more of a timing benefit than anything else because some of the peso strengthening that we were seeing coming into the quarter that we were concerned about actually ended up getting captured in inventory at year end.

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So it's just a timing difference. I would say that over time, Bonnie, I probably would say that we'll continue to drive as much operating margin as we can out of the business.

We like the trends we're seeing in gross margin. But we'll continue to invest in our brands from a marketing standpoint.

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So I would say that we think that there's some amount of margin expansion to be had over the next couple of years but I would put it in a reasonably small bucket as we are really going to try to continue to drive the top-line of the business.