UPDATE 1-Memorial Day beer sales drive Constellation's results

Thu Jun 30, 2016 8:12am EDT
 
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June 30 (Reuters) - Constellation Brands Inc reported a bigger-than-expected 15 percent jump in quarterly net sales, helped by higher demand for its Corona and Modelo beers during the Memorial Day weekend.

Beer net sales rose 19 percent in the first quarter ended May 31, accounting for 64 percent of total net sales.

Memorial Day weekend is the second-largest beer sales period in the United States after the Labor Day weekend.

Beer sales were also helped by higher demand during the Cinco De Mayo celebrations on May 5. The company usually runs promotional campaigns for its premium Mexican beers during this time.

Net income attributable to the company rose to $318.3 million, or $1.55 per share, in the first quarter, from $238.6 million, or $1.18 per share, a year earlier.

Excluding items, the company earned $1.54 per share.

Net sales rose to $1.87 billion from $1.63 billion.

Analysts on average had expected earnings of $1.52 per share on revenue of $1.83 billion, according to Thomson Reuters I/B/E/S.

The company did not issue an update on its plans to take public a part of its Canadian wine business, which produces the Jackson-Triggs and Inniskillin wines. (Reporting by Sruthi Ramakrishnan in Bengaluru, Editing by Sriraj Kalluvila and Martina D'Couto)