Constellation Depletions Down Again, as “Non-Structural Socioeconomic Factors” Continue

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