Corona and Modelo owner Constellation Brands cut its annual sales forecast on Friday as persistently sticky inflation dents consumer spending on beers, wines and spirits.

Constellation Brands Inc cut its growth outlook for a second time this fiscal year, after the US drinks maker missed quarterly sales estimates citing lackluster consumer demand.

Key Takeaways Constellation Brands shares plunged Friday, after the maker of beer, wine, and spirits cut its outlook as consumers held back spending.CEO Bill Newlands said it was uncertain when consumers will revert to more normal spending.

At this time, all participants are in listen-only mode. [Operator instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Joe Suarez, vice president,