Reported about 12 hours ago
Constellation Brands CEO Bill Newlands highlighted the significant challenges the company is facing in the beer market, attributing declining sales to a softer economy and reduced consumer engagement. With a 15% year-over-year sales drop and specific declines in key brands such as Modelo and Corona, Newlands noted that 80% of consumers are concerned about economic issues. The company's stock has decreased nearly 36% this year, reflecting industry-wide struggles, particularly in California where construction job losses are impacting consumption patterns. Despite these headwinds, Constellation plans to focus on its core brands while adapting marketing strategies.
Source: YAHOO