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Dear Client: Last quarter, Constellation Beer saw beer depletions down 1%, its first foray into negative territory in many years (before then, it had seen 15 consecutive years of volume growth). On the earnings call, chief Bill Newlands attributed the showing to “non-structural socioeconomic factors” affecting consumer demand. In the company’s awaited, just-reported subsequent quarter, we see much of the same. For Q1 FY26 (the three months ended May 31), Constellation Beer depletions were down 2.6%, while shipments were down
Unpacking the Post-Covid Sales Slump
Dear Client: Last week, your editor travelled to Oklahoma City to address the state’s association of package stores, where a major theme emerged as to whether recent softness in beer, wine, and spirits — (all three bev-alc types are down for the first time in modern history) — is transitory or a new normal. The usual villains were mentioned: Weather, health & wellness, Gen Z staying home, online gambling, video games, tariffs, GLP-1 drugs, ICE raids, inflation, economy, lack of
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