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Constellation Brands Q2 Sales Fall

Posted on: Friday, 5 October 2007, 12:00 CDT

Constellation Brands has reported a decrease in net sales by 37% to $893 million for the second quarter of 2008.

The company reported diluted earnings per share (EPS) on a reported basis of $0.33 for the quarter ended August 31, 2007, compared with $0.28 for the same period in the prior year. On a comparable basis, second quarter 2008 diluted EPS totaled $0.35 versus $0.43 for the prior year.

For the second quarter of 2008, the company has reported a decrease in operating income by 35% to $117 million. The company has reported an increase in net income by 5% to $72 million.

Rob Sands, president and CEO, said: "For the quarter, we delivered solid cash flow and reduced our debt by more than $200 million from first quarter levels. As anticipated, both the US wine distributor inventory reduction and the lingering softness in our UK business impacted our overall performance. However, we believe the distributor inventory initiative, as well as our ongoing efforts to improve performance in the UK will better position us for long-term growth."

Source: Datamonitor

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