STZ Call: Trump and Margins and Buy Rates (and More)

Dear Client:  For Constellation’s pre-July 4 earnings call, covering Q1 FY 2025, the theme was pretty simple, at least for beer: Winners keep winning. [For detailed coverage of Q1 results, see BBD 07/03/2024]. Still, there were a couple of recurrent themes and questions about June, which we note for you below.  WINNERS WINNING MEMORIAL DAY AND MORE. The 6.4% quarterly depletion trend (excluding the impact of last year's craft brand divestitures, which CFO Garth Hankinson noted “will be the basis