Ste Michelle: Volumes Gain 0.4%, Hurt by Destocking

Dear Client: Net revenues for Ste. Michelle Wine Estates grew 6.3% in Q1 (3 months ended March 31), "due primarily to higher premium shipment volume," said parent company Altria in its quarterly earnings report. So it sounds like they are seeing an uptick in demand for their higher priced brands. Wine shipment volumes grew 0.4%, "benefiting from higher off- and on-premise channel volume, partially offset by changes in trade inventories." This marks a notable drop off from Q4 2010, when