Constellation Brands Q1 Report 2024

“Our Beer Business delivered double-digit net sales growth and continued to outperform the market as the top share gainer. Meanwhile, our higher-end Wine and Spirits Business outperformed the higher-end of the U.S. wine category and gained share in that segment. And, we further enhanced our ESG goals with new waste and packaging commitments. Looking ahead, we remain focused on continuing to advance our Fiscal ‘24 outlook and strategic initiatives.” Bill Newlands

Highlights

• Constellation’s Beer Business posted an 11% net sales increase driven by an uplift in shipments of 7.5%, reflecting strong growth across Modelo Especial, the Modelo Chelada brands, Corona Extra, Pacifico, and the successful launch of Modelo Oro. Depletion volume grew 5.5% with selling days flat year-over-year.
• In Circana channels, our Beer Business continued to outpace the entire beer and high-end categories in dollar sales growth and volume growth. Constellation was the #1 share gainer in market dollars for an eighth consecutive quarter, adding 1.5 points in the beer category and 2.2 points in the high-end segment, and now has 6 of the top 15 share gaining high-end brands.
• Modelo Especial grew depletions by nearly 5% and remained the #1 brand in the high-end and #1 brand share gainer in the entire U.S. beer category in Circana dollar sales.
• Modelo Chelada brands continued to be the #1 chelada in the U.S. beer market, posting nearly 40% depletion growth and held 65% market share of the entire chelada segment.
• Corona Extra was the #3 brand in the high-end in Circana channels and delivered depletion growth of approximately 1%.
• Pacifico accelerated depletion growth to more than 14% and rose to the #7 share gainer in the high-end in Circana channels.