Constellation’s Q2 Shipments Slide Behind Depletions, As Projected

Dear Client:  When Constellation trimmed its full year guidance last month, around the time of its Barclays presentation, the company pointed to its upcoming Q2 results, calling out an anticipation that beer shipments would trail well behind depletions in the quarter (June to August), projecting a 6 to 7 point gap. Well, Constellation’s fiscal year Q2 results have just hit, and that's basically exactly what's happened.  Beer Business Q2 depletions were down 2.7%, almost exactly in line with the prior