Constellation Brands Finds a Way to Grow Without Bar Sales
Investors had good reasons to be cautious heading into Constellation Brands' (NYSE: STZ) earnings report this week. Rival alcoholic beverage giants have been posting sharp sales drops as drinking occasions plummeted in places like bars, restaurants, concerts, and sporting events.
While the maker of premium imported beers like Corona and Modelo did reveal collapsing demand in its on-premise sales channel, strong growth at supermarkets and convenience stores helped it post surprisingly good results overall. Constellation Brands also announced several big changes to its wine and spirits portfolio.
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Source Fool.com
