Constellation brands Full-Year Report 2024
“We delivered another year of solid performance in Fiscal 24. Our Beer Business continued its strong growth momentum as it achieved its 56th consecutive quarter of volume growth while maintaining best-inclass margins. These results were driven by sustained growth of our industry-leading beer brands that continue to gain share. As we head into Fiscal 25, we remain confident and excited about the growth trajectory of our Beer portfolio. We continue to see growth potential in our Wine and Spirits business as we focus on strong commercial and operational execution.” Bill Newlands
Highlights
- Our Beer Business delivered net sales growth over 9% exceeding our outlook. Depletion growth of 7.5% was driven by the strong performance across our portfolio:
- Modelo Especial grew depletions nearly 10%;
- Corona Extra delivered nearly 1% depletion growth; and
- Pacifico and Modelo Chelada brands each exceeded 20 million cases and grew depletions by 17% and 30%, respectively.
- In Circana channels, the Beer Business outperformed 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 category and high-end segment, adding 2.0 points and 2.6 points, respectively.
- Our Beer Business had 6 of the top 15 dollar share gaining brands across the total beer category:
- Modelo Especial became the #1 beer brand in dollar sales and was the #1 dollar share gainer in the entire U.S. beer category;
- Corona Extra, Pacifico, Modelo Chelada brands, and Modelo Oro were top 10 dollar share gainers across the overall Beer category.
- Operating margin decreased 40 basis points to 37.9%, as benefits from cost savings initiatives, favorable pricing, and reduced marketing as a percent of net sales were more
