(Updates)
** Beer maker Constellation Brands' shares fall as much as 14.7% to $187.01, hitting a more than four-year low
** Company cuts annual profit and sales forecasts on muted demand for alcoholic beverages
** " ... continue to face subdued spend and value seeking behaviors that emerged among legal drinking age consumers in Q2," says CEO Bill Newlands
** Forecasts annual adj. EPS between $13.40 and $13.80 vs prior forecast of $13.60 to $13.80
** Sees net sales growth in the range of 2% to 5% from 4% to 6% growth expected earlier
** STZ's results drags shares of rivals Brown-Forman
, Molson Coors and Boston Beer down between 4% and 6%; U.S.-listed shares of Anheuser-Busch Inbev
also falls ~5%
** In 2024, STZ fell 8.6%
(Reporting by Juveria Tabassum and Aamir Sohail in Bengaluru)
((Juveria.Tabassum@thomsonreuters.com;))
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