Constellation Posts Strong Beer Depletions Again, Up More Than 8%

Dear Client:  Constellation Beer's FYQ3 had yet another great showing for depletions, which were up 8.2% in the quarter. Shipments were "only" up 3.4%, and net sales up 4%, though that was somewhat to be expected considering Constellation chief Bill Newlands comments on the last earnings call, about back half and Q3 dynamics.  BBD readers may remember that chief Bill Newlands threw some caveats out on the last quarter (FYQ2) call about the back half. Even as they called for