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CORRECTED-Constellation Brands profit up despite sales fall
April 5, 2012 / 11:50 AM / 5 years ago

CORRECTED-Constellation Brands profit up despite sales fall

April 5 (Reuters) - Constellation Brands Inc posted a strong jump in quarterly profit on Thursday, aided by higher sales in North America and lower expenses, and the wine maker said its board approved the repurchase of $1 billion more of its stock.

Profit for the fourth quarter jumped 85 percent to $138 million, with earnings per share up 97 percent to 69 cents.

Sales fell 12 percent to $628 million. The decline largely stemmed from Constellation selling its Australian and U.K. wine business.

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