Summer Brews A summer of boozy brunches is taking shape as the global economy continues its recovery from the COVID-19 pandemic.
"We are seeing a lot of people return to the on-premise, which is obviously good for us," Constellation Brands CEO Bill Newlands said on Yahoo Finance Live.
To be sure, signs of a bar recovery appeared on the top and bottom lines of the maker of Corona and Modelo beer.
Constellation Brands said this week that sales in its fiscal fourth quarter rose 8% from a year ago. Despite inflationary pressures in areas like labor and packaging, the company's operating profits increased 17% year over year.
Beer sales rose 14% in the quarter, a quicker pace than the 11% gain for the full fiscal year. Wine sales dropped 7% from a year ago.