- Compliance: Southern Glazer’s $12.5 million NPA over retailer bribery; TTB no further action; Almave NA listing continues.- Inventories & destock: Evercore ISI July data, 1.66 inventory-to-sales…
- **Key Themes**: Prolonged U.S. volume contraction in beer (16th month of tax-paid declines, BPI at 40, craft conglomerates under 25% growth), wine (light 2026 crush, tasting-room misalignment), and…
**Key Themes:** Record-low US drinking participation (Gallup 54%) colliding with cannabis surge (17% smoking, 15% edibles, use disorder doubling among 40-50s); no summer sales rebound (NIQ Total…
- **Record-low participation and volume declines**: Gallup 54% adult drinking (Lydia Saad); NIQ off-premise $8.5bn -3.6%, volume -5.4% (Aug 8 four weeks); beer volumes -4.4% to -6.3%; wine dollars up,…
Key themes- Clinical moderation: AUD down about 4 million people; mild cases drove the drop; Surgeon General cancer advisory, youth cohort habits, cannabis substitution, and GLP-1s in the mix-…
- **Diageo reset:** ~$1B cost cuts ($850M operating model + $150M supply chain); organic sales –2% to $19.6B; NA –8.4%; US spirits –11.5%; dividend halved; guidance to low-single-digit sales /…
### Key themes- **RNDC Chapter 11** reshapes national wholesale; two-route-to-market split accelerates- **Two-speed industry:** price/premium/RTD/NA strength vs. volume, craft, and mid-tier pressure-…
**Week framed by:** Soft post-holiday off-premise demand, Brown-Forman CEO succession, Diageo cost/strategy reset, Canada/Mexico trade escalation, A-B decree expiry, RTD & NA outperformance### Major…
**Key Themes**- Persistent off-premise softness (–2.7 to –3.1% dollars YTD/4-week ranges; volumes –3.9 to –4.9%) despite Independence Day and World Cup lifts.- Prepared cocktails/spirits-based RTDs…
**Category-Wide Trends**- Spirits overtook beer in U.S. alcohol revenue share for 2025 (42.4% vs. 41.8%) per DISCUS, even as beer still leads on volume- Wine fell below 300 million 9-liter cases for…
