STZ’s W&S Biz Shows Improvement in Q4; Brass Cautious on F2021 Guidance

Dear Client: Constellation Brands reported its fiscal 2020 results today, which ended February 28 - just a couple weeks before the pandemic hit the US hard.   Total net sales were up 3% for the fiscal year, and up 6% in the fourth quarter. The company's wine and spirits business continues to struggle, but there are signs of improvement. Net sales were down 6.4% for the year, but showed a marked increase in Q4 with net sales up 1.2%."Our wine and spirits premiumization