- Achieves comparable basis diluted EPS of $0.38 and reported basis diluted EPS of $0.22; comparable basis results reflect favorable tax rate
- U.S. distributor program gains traction
- Initiates $300 million accelerated stock buyback and updates full-year diluted EPS guidance to reflect transaction benefits
- On target to achieve free cash flow of $350 - $400 million

VICTOR, N.Y., July 1, 2010 – Constellation Brands, Inc. (NYSE: STZ, ASX: CBR), the world’s leading wine company, reported today its first quarter fiscal 2011 results.

"I am pleased with our first quarter results that are in line with our expectations,” said Rob Sands, president and chief executive officer, Constellation Brands. “We are beginning to see benefits from our focus on profitable organic growth. Our U.S. distributor initiative gained traction in the first quarter as we experienced improved results at retail. We also increased brand investments and promotional activities and launched several new products, all of which drove an improvement in depletion trends. Examples of new products introduced during the quarter include blüfeld German riesling, Black Box malbec, Woodbridge by Robert Mondavi brut sparkling wine and the Arbor Mist White Pear pinot grigio.”

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