- Constellation Brands Inc (NYSE:STZ) reported third-quarter FY23 sales growth of 5% year-on-year to $2.44 billion, beating the consensus of $2.40 billion.
- Net sales for the Beer segment grew 8% Y/Y to $1.89 billion, and Wine and Spirits fell 4% Y/Y to $544.6 million.
- Shipment volume for Beer increased 2.7%, while Wine and Spirits plunged 14.8%.
- Gross profit of $1.22 billion remained flat Y/Y, while gross margin of 50.4% contracted by 240 basis points.
- Comparable EPS of $2.83 missed the consensus of $2.89. Comparable EPS, excluding Canopy equity losses, was $3.01.
- The company generated an operating cash flow of $2.3 billion for nine months, and ended the quarter with $185 million in cash and equivalents.
- Constellation’s board declared a quarterly cash dividend of $0.80 per share of Class A Common Stock, payable on Feb. 22, 2023, to stockholders of record on Feb. 8, 2023.
- Guidance: Constellation sees FY23 comparable basis EPS, excluding Canopy, of $11.00 – $11.20 (prior view $11.20 – $11.60), above the consensus of $10.94.
- Price Action: STZ shares are trading lower by 4.63% at $220.46 on the last check Thursday.
BJ’s Wholesale Club Raises FY22 EPS Outlook To $3.70 – $3.80 From $3.50 – $3.60 Prior, Vs. $3.30 Estimate
Fiscal 2022 Ending January 28, 2023 Outlook
"We are optimistic about the outlook on our business given the sustained strength in our grocery business and our gains in market share," said Laura Felice,
