Constellation Brands CEO says beer depletion acceleration continued into June

Constellation Brands CEO William Newlands said on the company’s Q1 earnings call, according to a transcript: “We are off to a strong start in fiscal ’24, with a solid first quarter.” The beer business delivered net sales growth of 11%, mainly driven by continued strong volume growth, and, as anticipated, depletion performance accelerated throughout the quarter, resulting in a 5.5% increase for the period, the CEO stated. Acceleration “has continued into June, supported by our beer team’s unrelenting push to increase distribution for our high-growth, high-velocity brands, continued incremental investments in marketing focused on the highest return opportunities and ongoing strong demand for our high-end Mexican beer brands aligned with consumer-led premiumization trends,” Newlands added on the call.