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Constellation Brands 1Q profit drops 85 percent FILE In this June 5, jerseys 2009 file photo, auction goers make their way past lots on display in the barrel room at the Robert Mondavi Winery during the Napa Valley wine auction in Oakville, Calif. Constellation Brands, whose brands include Robert Mondavi, said Moncler Everest Vest Men junya eye Black Wednesday, July 1, 2009, its first Moncler Maya Men down jackets dark purple quarter profit slid 85 percent partly on increased restructuring charges. Still, the wine company adjusted results managed to surpass Wall Street expectations. (AP Photo/Eric Risberg, File) Share PhotoFILE moncler kids coats In this June 5, 2009 file photo, auction goers make their way past lots on display Moncler Mens classic T-shirt with pure gray in the barrel room at the Robert Mondavi Winery during the Napa Valley wine auction in Oakville, Calif. Constellation Brands, whose brands include Robert Mondavi, said Wednesday, July 1, 2009, its first quarter profit slid 85 percent partly on increased restructuring charges. Still, the wine company s adjusted results managed to surpass Wall Street s expectations. (AP Photo/Eric Risberg, File)NEW YORK Wine and spirits maker Constellation Brands Inc. said it is benefiting from consumers switching from higher priced beverages to those that offer more buzz for the buck. The company, which released first quarter profit and sales figures Wednesday that beat Wall Street analysts expectations, said on a conference call with investors that it is also seeing some sales lift as consumers look for cheaper alternatives to save cash. "We do see a trend towards what we would describe as better known and trusted brands that represent good value for the money," Rob Sands, the company s president and CEO, said during the call. That trend is helping the world s biggest wine company by volume, which sells a number of "mid tier" brands, priced above $5, such as Woodbridge by Robert Mondavi and Clos du Bois. Sands said consumers are looking for bargains within every price category even the mid tier range. He added that higher priced brands that sell for more than $15, though, have been hurt as more consumers forgo ordering a bottle at a restaurant to save cash. Although the company is feeling some effects of the downturn, its results for the fiscal first quarter still pleased investors. Shares jumped $1.16, or 9.2 percent, to $13.84 in afternoon trading. The company s net income slid 85 percent due to restructuring charges and other one time items. It earned $6.5 million, or 3 cents per share, down from $44.6 million, or 20 Moncler Down Jacket Grey BRANSON cents per share, a year earlier. Excluding the charges, it earned 33 cents per share for the quarter that ended May 31, narrowly topping the 32 cent estimate of analysts polled by Thomson Reuters. Analysts estimates normally exclude one time items. Analysts predicted sales of $780.9 million. Excluding the effect of the dollar, mens moncler jacket sale spirits sales jumped 13 percent, mainly due to strong sales of Svedka vodka, which costs about $10 for a 750 milliliter bottle. The divestiture of the value spirits business, spirits contract production services and some Pacific Northwest wine brands also cut into Constellation s sales. The company, which also markets Corona beer, Moncler Women down jacket big neck black has been paring down its brand portfolio to focus on its most popular. Sales of beer, though, were hurt by fewer customers buying Corona bottles at bars, restaurants and convenience stores, said Chief Financial Officer Bob Ryder. Corona is higher priced than some domestic brews. The company maintained its forecast for 2010 adjusted earnings of $1.60 to moncler on sale $1.70 per share. Analysts expect full year profit of $1.62 per share

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