What happened with May and Memorial Day? Scan data show that the beer industry for the week of Memorial Day was down 0.7%, according to IRI. Morgan Stanley analyst Bill Pecoriello wrote on Friday that "those who declared strong volumes for the holiday were simply wrong." I agree with Bill that scans were surprisingly soft. Let's deconstruct what is happening here. While the week of Memorial Day was down in grocery store scans, distributors reported strong "Memorial Day sales" and
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