Constellation Brass Confident in W&S Outlook, Despite 10% Decline in Q1

Dear Client: Constellation Brands reported a "strong start" to its fiscal year, with total net sales up 6% for the first quarter ended May 31, driven by a strong performance in its beer business.  Meanwhile, the company's wine and spirits business continues to be weighed down by mainstream brands, reporting a net sales decline of 10% in Q1. Growth was also impacted by strong comps for higher-end brands "due to distributor inventory balancing actions," according to cfo Garth Hankinson.  MI