The company's shares fell
"It's safe to say that the first quarter of 2020 was unlike any other in our company's long history," chief executive
He noted two significant events that occurred as the company came out of a restructuring: a deadly shooting at its
"In a few short months, the landscape for businesses has changed, not only for our industry, but for all of industry."
The company is no longer measuring its progress against the five components of its revitalization plan, but rather two new metrics that involve protecting employees and mitigating short-term impacts, and positioning the business to succeed in what the new normal looks like after the pandemic subsides.
"The coronavirus has had and will have a material impact on our business," Hattersley said.
The company, which reports its results in
Net sales for the quarter ended
The company, which recently withdrew its 2020 financial guidance due to COVID-19 related uncertainty, expects a significant drop in sales and profits in the second quarter and possibly beyond as a result of the closure of bars and restaurants due to the pandemic.
It estimated about 23 per cent of its 2019 consolidated net sales resulted from what it called on-premises consumption, which has effectively been reduced to zero.
In the latter half of March, the company experienced a surge in off-premise sales or those at retailers as consumers stocked their pantries, the CEO said, but that trend did not continue into April.
The brewer noted that while sales to retailers continue to do well, it does not expect them to fully offset the loss of the bar and restaurant sales.
That includes reducing its capital expenditures for the year by about
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