Delayed Gallo Deal Weighs Down Constellation’s Wine & Spirits Biz

Dear Client:Constellation Brands' wine and spirits business continues to decline as they await FTC approval for its sale of 30+ brands to E&J Gallo. Indeed, wine and spirits net sales were down almost 9%, depletions were down 13% and shipments were down 10% in the second quarter ended August 31. "We continue to work with the FTC to finalize our wine and spirits transaction with Gallo," said chief Bill Newlands on this morning's earnings call. "Meanwhile, business performance continues to be