Constellation Beer Q1 Depletions Up 5.6%, Organic Shipments Down 6.3%

Dear Client: Constellation hinted a little over a month ago that they expected their first quarter depletions to be up low-to-mid single digits, and shipments to be down that much, [see BBD 05-28-2020]. And that's exactly what happened. The company reported fiscal year 2021 Q1 beer results, which covers the three months ended May 31, featuring beer depletions up 5.6% in the quarter -- almost 7%, adjusted for a lost sales day -- due to off-premise channel performance that "more