On-Premise Beginning to “Flatten;” And Premiumization Driven by Discounts

Dear Client: The on-premise is beginning to flatten out, said Constellation chief Rob Sands this morning during the company's first quarter results (ended May 31). Rob noted that the on-premise "was probably down a couple of percentage points" in the first quarter and Constellation's business "was down just about the same." Twelve month trends at the on-premise were probably down close to -10% "but we faired considerably better than that." They gained share in the 12-month period on-premise although they