Tear Sheet: Constellation Brands Inc.

Year-to-date net sales grew 5% year over year, driven by 9% growth in the Beer segment, partially offset by an 11% decline in the Wine&Spirits segment. The beer portfolio continued to gain share across all core brands, in line with expectations, while the Wine&Spirits segment continued to be plagued by underperformance in lower-priced wines. With Robert Hanson stepping down as the president of that division and a search underway for a successor, we expect continued changes in that segment, particularly as it relates to portfolio mix. Our top-line forecast assumptions do not materially change following the company?s updated guidance for fiscal 2024, which, in addition to revising down its wine segment guidance, included an upward revision

...January 5, 2024 Constellation Brands' Beer segment continues to meet expectations after reporting third- quarter earnings, but the Wine & Spirits segment continues to underperform, prompting a leadership change. Year-to-date net sales grew 5% year over year, driven by 9% growth in the Beer segment, partially offset by an 11% decline in the Wine & Spirits segment. The beer portfolio continued to gain share across all core brands, in line with expectations, while the Wine & Spirits segment continued to be plagued by underperformance in lower-priced wines. With Robert Hanson stepping down as the president of that division and a search underway for a successor, we expect continued changes in that segment, particularly as it relates to portfolio mix. We have updated our forecast following the company's revised segment guidance. Our top- line forecast assumptions do not materially change following the company's updated guidance for fiscal 2024, which, in addition to revising down its wine segment...

Full Report