Constellation Downplays TWE Buy-Out Speculation

Dear Client:While Constellation Brands' new beer business was "on fire" during the first quarter ended May 31, its wine and spirits business performed "generally as expected," according to Constellation chief Rob Sands. DESTOCKING LEADS TO DECLINES: You may recall, Rob mentioned on the company's year-end call in April that during the first quarter of 2015 the company would be working with one of its distributors to reduce inventory levels. As a result, net sales for the wine and spirits division