Constellation Sees Signs of a “Bottom,” But Consumer Pressure Persists

Dear Client:  Constellation brass put forward a cautious but hopeful tone on their Q2 call yesterday morning, suggesting the beer business may be nearing the bottom of its dive even as consumers remain under pressure. CEO Bill Newlands and CFO Garth Hankinson said the company is watching closely for signs of stabilization after a summer marked by soft depletions, weaker takeaway in key Hispanic markets, and a deliberate pull-forward of distributor inventory rebalancing. But even with those near-term headwinds, they