'You see a lot of channel shift, and you see this in many recessionary environments,' Constellation Brands CEO Bill Newlands told CNBC's Jim Cramer.
"You see a lot of channel shift, and you see this in many recessionary environments," he said in a "" interview Friday. "This one, admittedly, is a bit uncharted because one piece is really closed, which is the on-premise [consumption], as you know, but you do see channel shifting and you see people buying more and you see them consuming it at home."
"Given that 85% to 90% of our business across all three sectors is done in the off premise, it really works to our advantage, to some degree," Newlands said. The comments came after Constellation reported better-than-expected results for the quarter ended February. The fourth-quarter report was the last of Constellation's 2020 fiscal year. The company reported earnings of $2.06 per share on revenue of $1.9 billion, beating FactSet estimates of $1.64 EPS and $1.8 billion in revenue.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Constellation Brands says Mexico breweries still running amid coronavirus outbreakConstellation Brands Inc , the U.S. distributor of Corona beer, said on Friday its Mexican breweries were still operational and supply to the United States was intact even as rivals suspended production due to the coronavirus pandemic.
Read more »
How 44 Beauty Brands Are Supporting Coronavirus Relief EffortsMAC Cosmetics has announced it's fast-tracking the 2020 Viva Glam charitable campaign in order to donate $10 million to over 250 local organizations providing front line support to high-risk people during the coronavirus pandemic. ❤️
Read more »
How Brands Can Successfully Engage With Consumers Quarantined Due To COVID-19Here's how brands can successfully engage with consumers quarantined due to COVID-19:
Read more »
Rude awakening ahead for e-commerce brands like Warby Parker and AllbirdsIn 2019, online sales for direct-to-consumer brands reached $14.28 billion, according to data from eMarketer. In 2020, sales are forecast by the firm to grow 24.3% to $17.75 billion, slowing from 33.1% growth last year, and down from 56.5% growth in 2018.
Read more »
11 Watch Brands That Will Turn You Into a Serious CollectorAudemars Piguet has been making watches since 1875, and they've only gotten better over time. The brand is known for making some of the thinnest styles, and it's the only luxury watch brand still owned by the founding families. If you want to invest in history, choose Ademars Piguet.
Read more »
Sophie Turner brands Joe Jonas a 'psychopath' for his isolation clothing choiceSophie Turner, thought to be pregnant, joked about her husband Joe Jonas' clothing choice while they self-isolate together during the coronavirus
Read more »