STZ Raises Prices and Drops Promos, Taking a Toll on Volumes

Dear Client: Constellation's North American organic net sales grew 2% in the first quarter (3 months ending in May) of fiscal 2012, which the company said was "primarily due" to favorable product mix and lower promotional spending in the U.S. However, that growth was partially offset by a decrease in volume. "As expected, our first quarter depletions were somewhat muted due to recent price increases for some of our value and specialty brands and the timing of promotional activities for