Still No Bottom for Hard Seltzers

Dear Client: Chris Carey and his team over at Wells Fargo occasionally put out 'league tables' on various segments, and yesterday we gleaned some insights from their latest on hard seltzers. The conclusion is that last summer's seltzer slaughter was more than just a passing phase: "Similar to recent updates, growth is challenged, with category sales declining double-digit y/y and the two-year stack worsening."  What they mean by the dreaded deterioration of the "two-year stack" is despite very easy comps