The company that markets and distributes Modelo and Corona beers in the U.S. has lowered its full-year sales and profit outlook, citing lower U.S. beer sales. Constellation Brands President and CEO Bill Newlands said on Tuesday that U.S. purchases of high-end beers declined over the past few months. He says consumers are making fewer trips to buy beer and are spending less per trip, a trend that is most pronounced among Hispanic customers. Constellation warned in April that Hispanic consumers were under pressure because of concerns about the economy and immigration. It also said social gatherings were declining, which led to lower beer sales.
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