Constellation Brands reported fiscal first-quarter net sales of $2.43 billion, down from $2.52 billion a year earlier but above analyst expectations of $2.39 billion, while profit rose to $653.8 million from $516.1 million. The company, which imports Modelo and Corona beers, saw its Mexican beer portfolio drive most revenue, with demand from Hispanic customers beginning to rebound. Meanwhile, on-premise beer sales nationally rose 5.5% for the week ending June 20, which included the first 21 US-hosted World Cup matches, and climbed 15.4% in World Cup host markets, according to Beer Institute data shared with The Daily Upside. Constellation executives noted that a surge in gas prices may have pressured lower-income consumers, contributing to a deceleration in retail food and beverage volume trends as the quarter progressed.
Constellation Brands Inc Class AWorld Cup boosted on-premise beer sales, especially in host markets, lifting Constellation's beer portfolio.