Constellation Brands shares plunged Friday, after the maker of beer, wine, and spirits cut its guidance as consumers held back spending.

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.

(Reuters) - 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. The company now expects annual net sales to grow 2% to 5%, compared with its previous forecast of 4% to 6% growth.