High-End Wine and Spirits a Bright Spot in Constellation’s FY23

Dear Client:     Constellation Brands reported a total net sales increase of 7% for the full fiscal year 2023 ended February. This increase was driven by its beer business, which recorded its 13th consecutive year of volume growth, noted Constellation chief Bill Newlands on this morning's earnings call.  For the full year, Constellation's wine and spirits business organic net sales were down 2%, driven by lower demand for mainstream brands, noted Bill. Shipments on an organic basis– excluding brands divested