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 […]