STZ Brass on Beer Pricing and Inflation

Dear Client: On yesterday's Constellation earnings call, Bill Newlands and Co. pulled out yet another quarter of buoyant shipments and depletions trends -- up almost 10% each in Q4, and almost 9% for their full fiscal year '22 -- and so, did another victory lap. As we wrote yesterday, this is the 12th consecutive year of volume growth for Constellation Beer.  And it looks like they're going for 13.  You know the story, reader: Modelo and Corona still have run