Constellation Brands (STZ) reported higher than expected sales of its alcoholic beverages as its Modelo Especial, Modelo Chelada and Corona Extra saw an increase in sales in the quarter ending May 31. There was an 11 percent growth in sales as the company benefited from the backlash faced by Anheuser-Busch InBev’s Bud Light’s recent advertising campaign.
According to Refinitiv IBES data, analysts had given an average estimate of $2.47 billion in sales but Constellation Brands reported net sales of $2.52 billion. This showed an increase of over six percent in sales for the beer company.
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Constellation marginally increased its forecast of annual adjusted profit per share from $11.70 to $12.00. Higher costs have affected its beer segment operating margins by 220 base points in the quarter ending May 31.
Constellation Brands has also relied on other alcoholic brands including Kim Crawford wine as well as High West Whiskey. It has banked on these premium, yet affordable alcoholic beverages to push sales as consumers have been spending less due to inflation woes.
Constellation Brands is an American producer and marketer of alcoholic beverages such as beer, wine and spirits. It is a Fortune 500 company. It is the largest beer importer in the nation, by sales. It operates in the U.S., and Mexico in North America as well as in New Zealand and Italy.
The major brands that are imported or produced by Constellation Brands include the following:
The Prisoner Wine Company
Robert Mondavi Winery
Casa Noble Tequila and
High West Whiskey.
Despite the improved sales in the quarter, shares of Constellation Brands fell by almost 1 percent today.
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