Growth in craft beer may be flattening, but imports are booming, at least for Constellation Brands, which reported a 9% increase in Modelo Especial and an 8% increase in beer sales overall in the company’s second quarter earnings report.
The company has been shifting its focus from mainstream to higher-end brands with success as shown by Modelo and Pacifico which was up 15%.
Modelo Especial remains the best-selling brand in the U.S. beer category, taking first place earlier this year as Bud Light has seen 20% declines in sales month-after-month since its March transgender spokesperson controversy.
Beer has been a savior for Constellation this year, with the company reporting that their wine and spirits division sales were down by 17% in the second quarter versus last year.
See the full quarterly earnings report here.