Constellation Brands posts another deficit

The world’s largest wine company Constellation Brands has posted its second successive loss in its annual report, blaming tough operating conditions outside of the US market.

The company posted a $US301.4 million loss in its year to February 28, after a $US613.3 million loss the year prior.

Sales were at $US4723 million, down from $US4885.1 million in 2008.

President Rob Sands says the company is focusing on long-term, sustainable growth by strengthening free cash flow, rapidly reducing debt, improving return on invested capital and creating internal efficiencies while nurturing the company’s premium brands.