Constellation Beer Depletions Dip 0.3%; Next-Tier Brands Step Up

Dear Client: Constellation Q1 FY 27 earnings are out, tracking largely with the prior quarter, though depletion trends dipped just barely.  In the quarter, covering the three months ended May 31, Constellation Beer saw depletions down just 0.3%, as their biggest beer horses slowed a bit, but their next tier brands pulled (read on). Still, shipments were up 1.8%, with net sales up 2% on the back of those shipments and "continued favorable pricing." Operating margins were basically flat vs.