Constellation Brands, the makers of Corona beer have reported £132,000,000 loss as a result of coronavirus outbreak.

Constellation Brands in its press release and Reuters stated that the company has not suffered any loss instead sales of the company have raised to 5%

Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company said that the sales of the company beer have raised to 5% in the United States per the latest 4-week period ended 16 February 2020, nearly doubling the 52-week trend for the brand.

President and chief executive officer Bill Newlands said in a statement that it is extremely unfortunate that recent misinformation about the impact of coronavirus on the business of Constellation Brands has been circulating on the social media without further investigation or validation. Further, he said that the business has seen no impact on the people, facilities or operations and it continues to perform very well. Sales of Corona beer brands are focused almost entirely on the United States market. The company does not have much exposure to international markets such as China that have been most impacted by the coronavirus outbreak.

The COVID-19 pandemic has given rise to a lot of potentially dangerous misinformation. For reliable advice on COVID-19 including symptoms, prevention and available treatment, please refer to the World Health Organisation or your national healthcare authority.

Reference links

Constellation Brands

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Reuters

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World Health Organization

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