Constellation Brands, Inc. reported its financial results for the six months ended August 31, 2024, showing a net sales increase of 4%, reaching $5,580.7 million compared to $5,351.7 million for the same period in 2023. For the three months ended August 31, 2024, net sales were $2,918.9 million, reflecting a 3% increase from $2,836.8 million in the prior year.

The company's beer segment performed strongly, with net sales of $4,803.0 million for the six months, marking a 7% increase from $4,491.3 million in the previous year. In contrast, the Wine and Spirits segment experienced a decline, with net sales of $777.7 million, down 10% from $860.4 million in the same period last year.

Despite the increase in gross profit, which rose 8% to $2,915.6 million from $2,707.7 million in 2023, the company reported an operating loss of $(287.8) million for the six months, a significant decline from the operating income of $1,743.4 million in the same period of the previous year. This downturn was primarily attributed to a goodwill impairment of $2,250.0 million linked to negative trends in the Wine and Spirits business.

Net loss attributable to Constellation Brands, Inc. was $(322.0) million for the six months, a stark contrast to the net income of $825.9 million reported in the same period in 2023.

As of August 31, 2024, the company had cash and cash equivalents of $64.6 million, a decrease from $152.4 million as of February 29, 2024. Total assets also declined to $23,079.1 million from $25,691.7 million, while total stockholders' equity fell to $8,155.9 million from $10,064.6 million during the same timeframe.