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Constellation Q1 Depletions Up 6.6%, Shipments Up 5.4%

Dear Client:  Constellation's first quarter (fiscal 2020) results just hit. Here's your quick read. Constellation Q1 2020 saw net sales up 2% overall. But the beer side far outpaced that, with net sales up 7.4%.  Their beer business grew depletions by 6.6% over the quarter; and shipments were a notch below, up 5.4%. That seems a slight deceleration: last quarter, beer depletions and shipments were pretty much in line, up 8%.  Peeking into the portfolio, Modelo Especial grabbed the "top

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