Constellation Accelerates Again; Q1 Beer Depletions Up Almost 11%

Dear Client: Constellation beer depletion trends accelerated in Q1 earnings today, up 10.7% on the strength of the irrepressible Modelo and an extra selling day (or just under 10%, adjusted for that day). Shipments were largely in line with depletions, up 11.3%. Net sales were up 14%.  The company further attributed its showing to "continued strong consumer demand in off-premise channels, as well as a return to growth in on-premise channels." Constellation says it gained market share during Cinco de