Constellation Focusing On Premiumization, Innovation & Brand Building

Dear Client: Constellation Brands' net sales were up 1% for the third quarter ended November 30. Not surprisingly, the wine and spirits business weighed down results, with net sales down nearly 10% for the quarter. Shipment volumes were down 13.5% for wine and spirits and depletions were down nearly 6% - though that is an improvement over Q2's depletions. The low-end brands that are currently in the process of being sold to E&J Gallo are dragging down the portfolio. You'll recall, Constellation has