Modelo and Corona beers at a store in Corte Madera, Calif., on Monday. Constellation Brands, maker of Corona and Modelo, reported a smaller-than-expected drop in second-quarter sales.
Constellation Brands STZ-N posted a smaller-than-expected drop in second-quarter sales on Monday, aided by steady demand for beer, even as the company’s key Hispanic consumers reel from the Trump administration’s immigration policies.
Spirit makers in the U.S., such as Constellation, Molson Coors TAP-N and Brown-Forman BF-B-N , have grappled with persistently weak demand for alcoholic beverages, while doubling of tariffs on aluminum cans to 50 per cent is expected to further erode their margins.
The brewer reaffirmed its full-year sales and profit outlook, having sharply cut it last month as economic