Constellation Brass Talks M&A, COVID Impact, and Marketing Spend

Dear Client:    Constellation Brands' wine and spirits net sales were down 7% for the first quarter ended May 31, as pending divestitures continue to weigh down the portfolio along with COVID-related factors.  W&S PERFORMANCE. The company's wine and spirits shipments (sales to distributors) were down nearly 13% for the quarter and depletions (sales to retailers) were down 1.1%.  The company's power brands (Kim Crawford, Meiomi, Svedka etc.) depletion volumes grew 5% for the quarter, driven by Kim Crawford, Meiomi,