Constellation Expects Improvement in H2 Following a “Messy” H1

Dear Client: Constellation Brands reported a total net sales decline of 15% for the second quarter ended August 31 as demand headwinds persisted and consumers face socioeconomic pressures.  W&S SALES AND SHIPMENTS DOWN, BUT DEPLETIONS UP. Wine and spirits net sales were down 65% in Q2, weighed down by a 76.4% drop in shipment volumes as a result of the company's most recent divestitures as well as changes in financial and volume related contractual obligations with distributors, according to Constellation