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Constellation’s Sales Rise 12% In Fiscal First Half

October 6, 2022

Constellation Brands saw sales increase 12% to $2.7 billion in its fiscal first half ended in August, as operating income rose 21% on a comparable basis to $883 million. Constellation’s beer business drove gains, with sales up 15% to $2.1 billion and operating income increasing 25% to $866 million, led by 10% depletion growth for Modelo Especial and solid contributions from Corona Extra, Modelo Chelada, and Pacifico, among others.

On the wine and spirits side, sales were up 1% to $516 million, with operating income down 1% to $99 million. While acknowledging that higher costs are eating into margins, Constellation said its DTC wine and spirits business and international sales were both up strongly at 15% and 10%, respectively. On the new product front, the company said recent launches Woodbridge Box, Meiomi Red Blend, and Kim Crawford Sparkling Prosecco are all performing well in the early going.

In case you missed this morning’s news alert, Constellation also announced the sale of six wine brands to The Wine Group. Here’s the full story.

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