Constellation Brands Executives Warn of Hispanic Customers’ ‘Ongoing Elevated Concern’
20 minutes ago
Constellation Brands (STZ) stock was up more than 3% in premarket trading after the beer maker reported smaller-than-expected quarterly sales declines, but the Modelo parent lowered its full-year profit outlook amid “ongoing elevated concern” by its Hispanic customer base.
The company lowered its fiscal 2026 GAAP profit forecast to $9.86 to $10.16 per share from the prior range of $10.77 to $11.07 given in early September. Last quarter, it had guided for $12.07 to $12.37.
In commentary accompanying the results after the bell Monday, executives said that “over 80% of surveyed Hispanic and non-Hispanic consumers continued to express concerns about the socioeconomic environment in the U.S., and more than 70% are specifically concerned about their personal finances.”
The executives added that “these concerns continue to impact social occasions and shopping behaviors with respondents placing gatherings with friends and family in public spaces, gatherings with friends and family at homes, and shopping in convenience stores or gas stations in the top three activities they are doing less of during the quarter.”
Shares of Constellation Brands entered Tuesday down 37% this year.
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Stock Futures Little Changed After S&P 500, Nasdaq Close at Records
1 hr 32 min ago
Futures tied to the Dow Jones Industrial Average were near flat.
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S&P 500 futures were down less than 0.1%.
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Nasdaq 100 futures also were fractionally lower.
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