Constellation Brands Beer Business Continues Strong Performance Despite Unfounded Claims About the Impact of COVID-19 Virus o...
February 28 2020 - 3:05PM
Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading
beverage alcohol company, today provided a response including
fact-based consumer trends to address unfounded concerns about the
impact of the COVID-19 virus on its business and consumer sentiment
related to the company’s Corona beer brand.
Based on recent IRI retail trends, sales of Corona Extra remain
strong, with dollar sales up 5% in the U.S. per the latest 4-week
period ended Feb. 16, nearly doubling the 52-week trend for the
brand. Similarly, depletion trends for Corona Extra for the first
two months of this calendar year through Feb. 26, as well as the
month of February, have also outpaced their 52-week trend. In
addition, IRI dollar sales trends for the entire Corona brand
family are also outpacing their 52-week trend in the latest 4-week
and 12-week periods. Furthermore, all business units supporting our
beer business are seeing positive sales trends for the brand thus
far this calendar year.
“Our thoughts and prayers go out to those affected by this
terrible virus and we hope efforts to more fully contain it gain
traction soon,” said Bill Newlands, president and chief executive
officer at Constellation Brands. “It’s extremely unfortunate
that recent misinformation about the impact of this virus on our
business has been circulating in traditional and social media
without further investigation or validation. These claims simply do
not reflect our business performance and consumer sentiment, which
includes feedback from our distributor and retailer partners across
the country. We’ve seen no impact to our people, facilities or
operations and our business continues to perform very well. Unlike
many of our competitors, sales of our beer brands are focused
almost entirely on the U.S. market. Our company does not have much
exposure to international markets such as China that have been most
impacted by this situation. I’m extremely proud of the efforts of
our team. We’ve built good momentum as we gear up for the upcoming
summer selling season.”
ABOUT CONSTELLATION BRANDSAt Constellation
Brands (NYSE: STZ and STZ.B), our mission is to build brands that
people love because we believe sharing a toast, unwinding after a
day, celebrating milestones, and helping people connect, are Worth
Reaching For. It’s worth our dedication, hard work, and the bold
calculated risks we take to deliver more for our consumers, trade
partners, shareholders, and communities in which we live and work.
It’s what has made us one of the fastest-growing large CPG
companies in the U.S. at retail, and it drives our pursuit to
deliver what’s next.
Today, we are a leading international producer and marketer of
beer, wine, and spirits with operations in the U.S., Mexico, New
Zealand, and Italy. Every day, people reach for our high-end,
iconic imported beer brands such as Corona Extra, Corona Light,
Corona Premier, Modelo Especial, Modelo Negra, and Pacifico, and
our high-quality premium wine and spirits brands, including the
Robert Mondavi brand family, Kim Crawford, Meiomi, The Prisoner
brand family, SVEDKA Vodka, Casa Noble Tequila, and High West
Whiskey.
But we won’t stop here. Our visionary leadership team and
passionate employees from barrel room to boardroom are reaching for
the next level, to explore the boundaries of the beverage alcohol
industry and beyond. Join us in discovering what’s Worth Reaching
For.
To learn more, follow us on Twitter @cbrands and visit
www.cbrands.com.
MEDIA CONTACTS |
INVESTOR RELATIONS
CONTACTS |
Mike McGrew 773-251-4934 /
michael.mcgrew@cbrands.comAmy Martin 585-678-7141 /
amy.martin@cbrands.com |
Patty Yahn-Urlaub 585-678-7483 /
patty.yahn-urlaub@cbrands.comBob Czudak 585-678-7170 /
bob.czudak@cbrands.com |
A downloadable PDF copy of this news release enhanced with
multimedia links can be found here:
http://ml.globenewswire.com/Resource/Download/4ec9f1d9-d93d-46cc-a295-f9646a0a33a5
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