STZ Riding Out Headwinds in a Tough Start to H2

Dear Client:   For the first time in recent history, Constellation's beer business was not able to offset the declines in the wine & spirits business. Constellation Brands reported flat total net sales (0.0%) for the third quarter of fiscal 2025, ended November.  Beer business net sales were up 3% for the quarter. Meanwhile, net sales for the wine and spirits business were down 14%, driven by a 16.4% decrease in shipment volumes. Constellation brass attributed the shipment declines to