Constellation Inches Closer to Wine & Spirits Portfolio Goals

Dear Client:  Constellation Brands reported a net sales decline of 11% for its wine and spirits business for the second quarter ended August 31. Q2 net sales actually "outperformed our previously communicated expectations, primarily due to incremental shipments from the brands to be divested," cfo Garth Hankinson said on today's earnings call. PORTFOLIO PERFORMANCE. Overall, wine and spirits shipment volumes were down 19% for the quarter. Depletions for the company's Power Brands (Kim Crawford, Meiomi, Svedka etc.) decelerated during the quarter,