Constellation Brands, Inc. (STZ)

Constellation Brands CEO: Q4 results capped off a 'great year'

Constellation Brands (STZ) reported fourth quarter results that exceeded analyst expectations on both profit and sales. CEO of Constellation Brands Bill Newlands joins The Morning Brief to discuss the performance. Newlands describes the fourth quarter results as "a great quarter" that "finished up a great year" for the company. He acknowledges that consumers have become more price-conscious but notes that Constellation Brands did not significantly raise prices during the pandemic to retain its consumer base. Newlands credits the company's "great brand loyalty" and "approach to pricing" for its ability to maintain consistent sales, even as consumers have become more cautious about spending. He believes Constellation Brands has "a lot going in their favor," with plans to extend product lines across its brands and update existing offerings. Regarding the company's wine business, which has faced pressure, Newlands highlights the addition of an executive with over 30 years of experience in the wine industry. The CEO expresses confidence that the company's "strategy is right" and will lead to improvements. Importantly, Newlands also emphasizes Constellation Brands' innovation in the non-alcoholic product space, which the company sees as a growth opportunity. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post is written by Angel Smith