Constellation Brands reported a drop in shipments last quarter.
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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.