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Constellation Q4 Shipments and Depletions Trends See a Wide Gap

Dear Client: In its fiscal fourth quarter results, Constellation Beer shipments were actually negative, down 5.4%, while depletions were up 6.3%. (Obviously, a wide spread there. Why? We'll know exactly why after the call.) Net sales were down 2%. (You may recall that depletions were up just under 6% the prior quarter, shipments up almost 3%, and net sales up 8%.) Modelo Especial depletions were up 6% in the quarter while Corona Extra depletions were up 2%.  Operating margins were

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