Constellation Brands Q3 Report 2024

“Our Beer Business achieved excellent Q3 results driven by our industry-leading brands. Modelo Especial delivered double-digit volume growth and continued to extend its position as the #1 beer in U.S. tracked channel dollar sales. Our other core beer brands, Corona Extra and Pacifico, also delivered solid growth and were top 10 share gainers across the U.S. beer category. This outstanding performance has reinforced our conviction in our Fiscal 2024 enterprise outlook, despite an adjustment to our Wine and Spirits Business guidance due to near-term headwinds in the wine market.”  Bill Newlands

Highlights

• Our Beer Business posted a 4% net sales increase driven by a 3.4% uplift in shipments. Depletion volume grew 8.2%, reflecting continued strong demand across our high-end portfolio:
• Modelo Especial grew approximately 12%;
• Corona Extra delivered nearly 1% growth; and
• Pacifico and Modelo Chelada brands posted approximately 19% and 22% growth, respectively, and individually reached the 20 million case milestone on a trailing 12-month basis.
• In Circana channels, our Beer Business outpaced the total beer category and high-end segment in dollar sales growth and volume growth. For the tenth consecutive quarter, Constellation was the #1 share gainer in market dollars.
• Our Beer Business had 5 of the top 15 share gaining brands across Total Beer as: 
• Modelo Especial accelerated its growth in tracked channels and remained the #1 brand share gainer and #1 brand across the whole U.S. beer category in dollar sales;
• Corona Extra and Pacifico remained top 10 share gainers across the overall beer category;
• Modelo Chelada brands maintained their #1 position in the chelada segment and Modelo Chelada Especial was a top 15 overall share gainer in the U.S. beer market; and
• Modelo Oro continues to grow and maintained its top 5 share gainer status in the high-end segment for a third quarter since its national launch at the beginning of Fiscal 2024.