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 … Continue reading "Constellation Q4 Shipments and Depletions Trends See a Wide Gap"