Constellation Brands: FY27 Q2 earnings call, Oct 7, 2026

…the number one dollar share gainer in beverage alcohol this quarter. Our beer business outperformed and accelerated meaningfully quarter-on-quarter. Pacifico became a top 10 beer…

…noted that a key focus in the first half was rebuilding the beer distributor inventories and I think improving days on hand, heading into 3Q.…

…look at the second half of the year and our expectations for beer margins, we expect to come in in the second half at 34.5%-35.5%…

…everyone. You continue to demonstrate disciplined capital allocation, and as the heavy beer investment cycle winds down and free cash flow inflects, how are you…

…World Cup, because we had three times more market share gains in beer than the next best competitor, which was 400 basis points of outperformance…

…make sure that we were covering off, and keeping shelves full and consumers satisfied everywhere. But albeit with some inefficiencies as we were working hard…

…it is it's an opportunity to reengage consumers and younger consumers around the beer occasion, around sports. It doesn't have to be every four years.

…shareholders. That's just going to come back to our evolved focus on marketing, our enhanced execution, discipline, and pushing the organization to continue to deliver.…

…we would have visibility to the activities that are going to drive margin and fuel for growth four years from now. With the team in…

…thank you for standing by. Greetings and welcome to the Constellation Brands Fiscal Year 2027 second quarter earnings call. At this time, all participants will…

…company's playbook is second to none, just world-class. You can see with Pacifico compounding it at something like a 20% growth rate year-to-date, as the…

…levels are healthy. We have spent much of the first half rebuilding distributor inventory levels, and while there is always going to be month-to-month variability,…

…of the big ones and continue the journey of the Pacifico and Victoria, that alone will create enormous value. But that doesn't mean that there…

…about, had we not shipped to the levels we did to rebuild inventories, if we hadn't done that, we still would've come in above our…

…a big step up in the first half of the year. Obviously, World Cup was part of it. I hear lots of indications from you,…

…saw non-timing related acceleration in the month of September as our college football and other programming took place. And we are seeing a very healthy…

…it's come up a couple of times now. As we think about inflation, I'd say that I'm not sure there's been a year in my…