Constellation to Cut 5% of Global Workforce

Dear Client:Constellation today cut its 2009 fiscal earnings outlook to $1.60 - $1.62 per share from $1.68 - $1.72 primarily due to “disappointing” demand in Europe and Australian during the holidays last year. Deep discounting by British retailers was a particular problem. "The most significant impact was felt in the U.K., where the economy weakened during this critical selling season, retail competition intensified, and we made the decision to forego participation in significant price discounting offered by multiple grocers. Previously,