Distrib Inventory Levels Moving in the Right Direction

Dear Client: The state of distributor inventory levels has been a hot topic across supplier earnings calls in recent years. Rightfully so, given that US bev alc inventories are near all-time highs. But industry analysts–from Bernstein, Jefferies and Cowen– believe that inventory levels are moving in the right direction.  According to recent data from the US Census Bureau, the Inventory-to-Monthly-Sales ratio was 1.60 months of sales in September, down from a peak of 1.71x in May. In fact, the ratio