Constellation FY Depletions Grow 3.2%

Dear Client: Constellation's North American organic net sales grew 4% in fiscal 2011 (12-months ended February 28) primarily due to a combination of volume growth and favorable product mix, which was partially offset by higher promotional costs, the company said. Although Constellation is starting to benefit from its wine and spirits distributor transition, shipments to wholesalers continued to outpace depletions (volume sales to retailers) and sales to on-premise establishments. During the distributor transition Constellation added about 5-10 days worth of