What Constellation Brands Just Told the Entire FMCG Industry
Shrinking for Growth is not fun but it works
Revenue down 3%. EPS up 31%. Operating margin 34.7%. That is Constellation Brands’ Q1 FY27, and it is the clearest signal any FMCG operator will get this year.
This is a decoupling story. Earnings have separated from revenue. The playbook Constellation used to do it is the same one Campari, Pernod, Unilever, and Diageo are all reaching for. Constellation just got there first, and got there faster.
Here is what the numbers actually say.
