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 (NYSE:STZ) shares are trading lower after the company reported nearly flat third-quarter sales of $2.46 billion, missing the analyst consensus estimate of $2.53 billion. Net sales for the Beer segment increased 3% Y/Y to $2.

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.