STZ Significantly Lowers W&S Guidance after Headwinds Prove Stronger than Expected

Dear Client: Constellation Brands reported 1% net sales growth for the third quarter of fiscal year 2024, ended November 30. That growth was largely driven by the beer business, which reported 4% net sales growth and 8.2% depletion growth. Meanwhile, Constellation's wine and spirits business did not experience the  second-half turnaround they previously projected, with the segment's organic net sales down 7% for the quarter.  Wine and spirits shipments were down 10.3% on an organic basis and depletions were down