“Temporary Challenges” Impact Constellation’s Wine & Spirits Q1 Results

Dear Client:Constellation Brands reported a total net sales increase of 3% for the first quarter ended May 31. That was carried by double-digit growth in the company's beer business as the wine & spirits results were weighed down by a "convergence of isolated factors," according to chief Bill Newlands.  Indeed, the company's wine and spirits shipment volumes were down 38%, net sales were down 22% and depletions were down 7.5% in Q1. Excluding the company's recent divestitures, organic net sales were