Constellation has 11% profit increase
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Constellation Brands Inc. said its third-quarter profit rose 11%, lifted by strong liquor sales, a steadily growing wine business in North America and the acquisition of Svedka vodka.
The world’s biggest wine company -- the Fairport, N.Y., firm owns Robert Mondavi, Manischewitz and other labels -- cut its full-year profit outlook, however, in part because of costs from its recent purchase of the U.S. wine business of Fortune Brands Inc.
Profit for the quarter ended Nov. 30 rose to $119.6 million, or 55 cents a share, from $107.8 million, or 45 cents, a year earlier.
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