Constellation’s Chief Speaks on Crown’s Q3 Performance
and Modelo’s Lawsuit

Dear Client:Volume declines and the timing of Corona Extra and Corona Light national media programs for MLB and the NFL caused Crown Import's operating income to decline -26% to $91 million in the third quarter to November 30, said Constellation chief Rob Sands yesterday. Volumes also impacted net sales, which decreased -10% to $499 million. "However, depletion trends outpaced shipments in the quarter due in part to the favorable impact of these media programs and resulted in temporary wholesaler inventory