just the Preview - Constellation Brands Q3 & YTD
Constellation is preparing to release its Q3 results
Constellation Brands will report its third-quarter and year-to-date results on Wednesday (January 8). Here just-drinks takes a look at the group's highs and lows in the three months to the end of November.
- In September, the company announced it was to invest US$20m in its Californian wineries to help keep pace with demand for premium lines. The company's premium portfolio, which includes Rex Goliath, Black Box, Woodbridge, has seen positive growth this year.
- In early October, a number of bottles of the group's Svedka vodka were recalled in four US states over fears of defects. The recall was described as “a precaution” and no injuries were reported.
- Later in the month, Constellation Brands-owned distributor Crown Imports “mutually” agreed to end its relationship with Carlsberg's Somersby cider brand in the US. A company spokesperson told just-drinks the move was prompted by the recent ABI/Modelo/Constellation deal, which made its distribution agreement with Carlsberg “far more complex”.
- In late October, Crown Imports launched its own Michelada beer brand, Modelo Especial Chelada, in the US. It combines the taste of the lager brand with tomato, salt and lime.
- A few days later, Constellation Brands' CFO reportedly told an analyst that the group would not be prepared to pay more than $100m in acquiring a “heritage” Tequila brand.
In the first quarter of the company's fiscal year:
- Comparable net profits in the three months to the end of May fell by 3% to US$74m
- Net sales rose by 6.1% to $673.4m
- Operating profits decreased by 5% to $104m
- Net profits in six months to end of August hit $1.57bn
- Net sales rose to $2.13bn
- Operating profits jumped to $1.74bn
For a preview of Constellation's Q2, click here.
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