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Constellation Brands, Inc. (STZ) Presents at RBC Capital Markets Global Consumer and Retail Virtual Conference (Transcript)

Jun. 01, 2020 5:17 PM ETConstellation Brands, Inc. (STZ), STZ.B
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Constellation Brands, Inc. (NYSE:STZ) RBC Capital Markets Global Consumer and Retail Virtual Conference May 27, 2020 11:20 AM ET

Company Participants

Garth Hankinson - CFO

Conference Call Participants

Nik Modi - RBC Capital Markets

Nik Modi

Good morning everyone. I'm Nik Modi, RBC's of HPC, Beverage, Packaged Food and Tobacco analyst. And I'm joined by Constellation Brands' CFO, Garth Hankinson. Garth took over as Constellation's CFO in January and has helped the Company continue their high single-digit beer depletion growth and recently entered the fast-growing hard seltzer category and helped the Company manage through the wine divestiture. It's 4 p.m. somewhere, so grab a glass of Kim Crawford or a bottle of Modelo Especial, and let's get going. Garth, thanks for being here and being part of the RBC conference.

Garth Hankinson

Thanks for having us, Nik.

Nik Modi

You bet. So let's just get into it. I mean, I know a question on a lot of folks' minds is your beer business is growing more than 35% and your wine business is growing almost 25% in the latest four week IRI channels, both accelerates in the 12 week trends. And while you've lost most of your on-premise business, it seems that your Q1 depletion should be fairly solid. Can you just help us providing thoughts around that just give people some framework to use?

Garth Hankinson

Yes, great question, Nik. So, let me start by saying that, we continue to perform relatively well given the current environment, and we are winning in those sales channels that are open. That being said, the performance in IRI doesn't quite tell the complete picture. And while we are seeing accelerated trends in these track channels, there are a number of headwinds that will temper our Q1 results.

So let me take a

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