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Welcome back, everybody. We hope that those of you who had some time off over the festive period returned suitably refreshed last week. May we take this opportunity to wish you all a fantastic 2011.
Even if our resident misery-guts, Chris Brook-Carter, thinks that is far easier said than done.
The new year started with Constellation Brands taking a kicking from investors last week, despite raising its full-year profits guidance for the second time this fiscal year. Analysts are concerned about Constellation's lack of momentum in the US, where wine sales only crept up by 1% in its third quarter.
North America has taken on extra value to the Robert Mondavi wine producer, following its decision (very) late last year to grub-up Australian and UK wine operations in return for token compensation from Champ Private Equity. Nerves on the stock market reflect that Constellation remains in a state of flux. New distribution arrangements in the US are only just bedding in, and the world wine market in general is a tough place to be operating right now.
Constellation is making the right noises about shifting its focus to higher-end wine, but this is easier said than done, particularly in a US market still struggling to shake off the vagaries of recession.
A pretty joyful start to 2011 all round, then.
Until next time...
Olly Wehring
Managing Editor
Web: http://www.just-drinks.com
Email: editor@just-drinks.com
Twitter: http://twitter.com/just_drinks
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