Corona Hard Seltzer Lifts Constellation Brands' Q2 Sales
Constellation Brands (NYSE: STZ) still has a solid portfolio on its hands. The alcoholic beverage giant on Thursday announced that beer sales grew in the fiscal second quarter despite continued plunging demand from restaurant and bar customers.
The recently launched Corona brand hard seltzer was a key factor behind that success. That product maintained its 6% market share in a competitive niche in Q2, keeping it in fourth place on the sales charts.
Overall, the Corona franchise posted double-digit sales gains and the Modelo and Pacifico brands contributed to the company's 5% depletion rate (an industry metric for sales) for the period. Constellation's beer business grew by about 7% in the prior quarter.
Source Fool.com
