Shedding cheaper wines should boost Constellation wine & spirits margins 30% — Merrill Lynch

April 4, 2019

Source: BofA/Merrill Lynch 4Q19 earnings preview – 040119) via John Heflebower, Napa   “STZ’s wine & spirits margins improved post STZ divestiture of Canadian wine assets. In addition, operating margins have benefited from on-going premiumization efforts (i.e. rationalizing lower margin value SKUs), COGS has increased due to transportation costs and higher marketing spend on brands
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