Constellation Brands says immigration policy is hurting sales

Constellation Brands reported a drop in shipments last quarter.

Transcript

00:00tariffs has taken a toll on the alcohol industry, but one of the biggest beer makers in the U.S.

00:04says its sales are declining for another reason, immigration. Constellation Brands, which owns

00:10beer brands Corona and Modelo, saw a 1% drop in beer shipments last quarter. And CEO William

00:15Newlands says that's directly tied to President Trump's immigration crackdown. Speaking with

00:20analysts, Newlands said a lot of consumers in the Hispanic community are concerned right now.

00:25Social gatherings, an area where the Hispanic consumer often consumes beer, are declining

00:29today as part of these overarching concerns that they have. He also said that a large part of that

00:341% drop was seen in areas with large Hispanic populations. According to market research

00:39firm Zircana, discretionary spending in general among Hispanic shoppers has fallen at a higher

00:44rate than non-Hispanics. That'll do it for your daily briefing. From New York City, I'm Kelsey

00:49Barbario with The Street.