Constellation Brands reports 25% decline in Q3 profit
Constellation Brands Inc. said Thursday its third-quarter profit slumped 25 percent on weaker wine and beer sales in North America, price hikes that hurt sales of two popular wine brands and stepped-up promotional costs.
The results narrowly missed Wall Street estimates. Its shares fell 69 cents, or 3.4 percent, to $19.75 in afternoon trading.
Constellation imports and distributes a number of highly-known beer brands in the U.S. including Corona, Negro Modelo, Pacifico, Victoria, Tsingtao and St. Pauli Girl.
via The Washington Post.
Breweries: Constellation Brands
