e non sa di niente
Corona Is the New King of Beers - WSJ
U.S. beer sales are in a funk, but Americans are still clamoring for Mexican suds. Constellation Brands Inc., STZ the U.S. distributor of Corona and Modelo, reported a 13% jump in beer sales in the summer months. The gains come as market leaders Budweiser and Bud Light are hemorrhaging volume and even craft beer—which until two years ago was growing in the double digits—is experiencing a shakeout. “It’s a little bit of a misnomer to think that the growth in the beer category, to the extent that there is any, is coming from imports” from around the globe, said the company’s chief executive, Robert Sands, on a conference call Thursday to discuss the latest results. “It is not. It is coming from Constellation’s portfolio of Mexican beers.” Shares of the company, which have surged about 36% this year, gained 4.2% to $209.66 in Thursday afternoon trading. Mr. Sands said the company continues to spend about the same 8% or 9% of its beer revenue on marketing but that amount has been increasing as its sales grow. The company is also taking retail shelf space from slower moving craft beers as well as national U.S. brands, he said, adding that the company’s main brewery in Mexico is operating near peak levels to satisfy demand. Summer sales were boosted by a limited-edition canned version of Corona and marketing tied to sports, including the Summer X games and a Corona Extra sponsorship of the Aug. 26 Mayweather vs. McGregor fight, which set a pay-per-view revenue record. Constellation acquired the U.S. rights to Anheuser-Busch InBev ’s Mexican beers in a $5 billion-plus deal in 2013 when AB InBev had to divest the assets to get Justice Department approval for its $20.1 billion takeover of Mexico’s Grupo Modelo SA B. The company has expanded beyond its roots as a bulk wine distributor, adding well-known brands such as Robert Mondavi and spirits like Svedka vodka. It now gets two thirds of its revenue from the beer division, which also includes Ballast Point, a craft brewer it acquired for $1 billion in 2015. In the latest quarter, Constellation purchased the small Florida craft brewery Funky Buddha. Constellation plans a national launch next year for a new version of Corona called Corona Premier, as well as a rollout of a product called Corona Familiar in major Hispanic markets—a key demographic for the brand.
Constellation attributed 60% of its growth to expanded distribution, and Mr. Sands said Thursday that he’s still unsatisfied on that front. “We don’t have the distribution that we ought to have as a company,” he said. “There’s a big growth runway ahead of us.” The company maintained its revenue forecast for the year, but raised its profit outlook. It now expects per-share earnings of $8.25 to $8.40, up from its previous forecast range of $7.90 to $8.10. For the quarter ended Aug. 31, net income was $499.5 million, up from $358.9 million a year ago. Net sales were $2.09 billion, compared with $2.02 billion a year ago period, which included a Canadian wine business it sold in late 2016.