Bernstein: The Disconnect Between Scan Data and Supplier Earnings

Dear Client:   In a note last month, Bernstein analysts said the three months through June was the "worst 3m period for volume trends in NABCA since early 2009," [see WSD 08-10-2022]. They reiterated that statement for the three month period through July in a note out last week. But in recent earnings reports, big spirits suppliers appear to be doing just fine.  Bernstein relies heavily on NABCA and NielsenIQ data for its reports. NABCA of course represents the 18