STZ’s Remaining W&S Portfolio Up in Q1, But Headwinds Persist

Dear Client: Constellation Brands reported yesterday evening a total net sales decrease of 6% for the first quarter of fiscal 2026 (ended May). Indeed, both the beer business and wine & spirits business were impacted by "non-structural socioeconomic factors," according to Constellation brass.  Net sales for beer were down 2% in Q1, while wine & spirits net sales were down 28%.   W&S DECLINES MOSTLY IN WHOLESALE CHANNEL. The decrease in wine & spirits net sales was driven by a 30.4%