Constellation Brands Full-Year Report 2023
“We delivered another solid year in Fiscal 23. Our Beer Business achieved its 13th consecutive year of volume growth while maintaining best-in-class margins. The momentum of our iconic and next wave beer brands continued to drive our industry leading growth and share gains. We remain excited about the ongoing opportunities we see for these brands, as well as for our Beer Business innovations in Fiscal 24. Our Wine and Spirits Business won in its key areas of focus, outperforming the higher-end wine and spirits segments.” Bill Newlands
Highlights
- Constellation’s Beer Business posted depletion growth of over 7% driven by exceptional momentum of our iconic brands, Modelo Especial and Corona Extra, and our next wave brands, Pacifico and the Modelo Chelada brands.
- In IRI channels, the Beer Business outpaced the total U.S. beer category and high-end segment in dollar and volume sales growth, and was the #1 dollar sales share gainer in the total category and high-end segment, adding 1.5 points and 2.2 points, respectively.
- Modelo Especial achieved 9% depletion growth and remained the #2 beer brand and #1 share gainer in the entire U.S. beer category in dollar sales in IRI channels; Modelo Chelada brands posted depletion growth close to 45% and remained the #1 Chelada in the U.S. beer market with nearly 60% share in the chelada segment.
- Corona Extra delivered depletion growth of nearly 4% and was the #4 beer brand and #3 dollar sales share gainer in the entire U.S. beer category in IRI channels.
- Operating margin decreased 170 basis points to 38.3%, as benefits from favorable pricing were more than offset by increased COGS, SG&A, and marketing costs..