Constellation reports $23 million second quarter loss |
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| Thursday, 02 October 2008 | |
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Constellation Brands has reported a second-quarter loss of nearly $23 million (£13 million) on the sale of some of its vineyards and production plants in Australia. The world's largest winemaker said it had lost $22.7 million (£12.9 million), or 11 cents per share, in the quarter ending August 31, compared with a profit of $72 million (£40.1 million), or 33 cents a share a year earlier. But the company reaffirmed its full-year forecast, and Rob Sands, Constellation Brands president and chief executive officer, said the company was buoyed by the "improved profitability" of its North American wine and spirits businesses. Constellation reported a net sales increase of 7%, which it attributed partly to the acquisition of premium brands Clos du Bois and Wild Horse, and by the sale of lower margin value brands Almaden and Inglenook. Constellation said in August that it was planning to reduce its presence in Australia and focus more on premium wine brands. Related Articles
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