Constellation Brands has named board director and former Suntory executive Nick Fink as the US group's new CEO. Fink, who joined the board in 2021, will take over from Bill Newlands, who will step down on 13 April, Constellation said in a statement yesterday (12 February). Constellation board chair Chris Baldwin said: “Nick will bring unique perspective and capabilities that will benefit Constellation and its stakeholders as we position the company for long-term success in a rapidly evolving and hyper-co ...

Core Insights - Andrew Peller Limited reported strong financial results for the three and nine months ended December 31, 2025, highlighting top-line growth and margin expansion across various trade channels and regions [3][5]. Financial Highlights - Revenue for Q3 2026 was $108.8 million, a 3.3% increase from $105.4 million in Q3 2025 [6][5]. - Gross margin improved to 41.8% in Q3 2026 from 40.2% in the prior year, and for the nine months, it rose to 43.3% from 40.4% [6][8]. - EBITA for Q3 2026 was $19.7 million, up 6.1% from $18.5 million in Q3 2025, while for the nine months, it increased to $57.1 million from $49.4 million, a 15.6% rise [6][10]. - Net earnings for Q3 2026 were $7.9 million, compared to $7.7 million in Q3 2025, and for the nine months, net earnings grew to $21.4 million from $11.9 million [6][12]. Operational Insights - The increase in revenue was primarily driven by strong performance in Western Canada and growth in wine club sales, although there was some softness in owned retail stores [5][7]. - Selling and administrative expenses as a percentage of revenue increased to 23.7% in Q3 2026 from 22.6% in the prior year, reflecting higher investments in advertising and promotions [9]. - The Ontario Grape Support Program contributed significantly to margin improvements, adding $2.1 million and $6.6 million in the three and nine-month periods, respectively [8]. Debt and Financial Instruments - Interest expense decreased by 25.8% for Q3 2026 and 22.8% for the nine months, attributed to lower average debt levels and reduced interest rates [10]. - The company recorded a net unrealized non-cash gain of $0.9 million related to mark-to-market adjustments on financial instruments, compared to a loss of $1.2 million in the prior year [11].

Core Insights - The cost to host a Super Bowl party for 10 people is estimated at $140 this year, reflecting a $2 increase from last year, which is a 1.6% rise, slower than the grocery inflation rate of 2.4% [1][6] Food Prices Overview - Chicken wings have seen a price decrease of 2.8% from last year, making them one of the most affordable snacks. Other items like tortilla chips, avocados, carrots, peppers, and frozen pizza have also become less expensive [4][6] - In contrast, shrimp prices have increased by 8.1% to $9.10 per pound, while beef prices rose to $10.01 per pound, marking a 16.4% year-over-year increase [5][6] - Vegetable prices, including cherry tomatoes, celery, broccoli, and cauliflower, have also risen, along with salsa and onion-flavored dips, attributed to labor costs [6] Wage Impact - Average hourly wages have increased by 3.8% to $31.99, providing consumers with more financial flexibility to host parties despite rising food costs [3][2]

Core Insights - India has evolved its approach to free trade agreements (FTAs), moving from a cautious stance to a more flexible and confident negotiation strategy, particularly in sensitive sectors like agriculture and manufacturing [1][7][10] Trade Agreements and Concessions - The initial duty concessions under early FTAs led to increased imports by companies like Honda and Sony, raising concerns about the impact on domestic manufacturing [1] - The government has been careful in its tariff policies, particularly avoiding cuts in sensitive sectors such as wine, spirits, and automobiles to protect local industries [2][12] - A notable shift occurred with the interim trade agreement with Australia in 2022, where India showed willingness to lower tariffs on wine above a certain price threshold while providing technical support to domestic producers [3][12] - Subsequent agreements expanded the scope of concessions, including products like chocolates and watches in the pact with the European Free Trade Association (EFTA), which also included a commitment of $100 billion in foreign direct investment [6][12] - By the time of the agreement with the European Union, the list of protected items had significantly decreased, with negotiators more open to trade-offs, reflecting increased confidence [7][12] Specific Trade Conditions - Tariff cuts on French and Spanish wines were exchanged for limited access to European markets for Indian grapes, with strict conditions on imports of pears and apples, including volume caps and a minimum import price [8][12] - The government tailored concessions based on market opportunities, declining duty concessions for British electric vehicles but allowing limited imports under the EU deal [9][12] Engagement on New Issues - India's evolving approach includes engagement on "new issues" in modern FTAs, such as intellectual property rights, digital trade, and environmental concerns, while ensuring these do not exceed existing international obligations [10][12]

Core Insights - India has evolved its approach to Free Trade Agreements (FTAs), moving from cautious duty concessions to more strategic trade-offs that include sensitive sectors and investment commitments [2][4][5] Group 1: Trade Agreements and Tariff Adjustments - The Indian government initially refrained from cutting duties on sensitive sectors like wine, spirits, and automobiles to protect domestic manufacturing and agriculture [2][4] - An interim deal with Australia in 2022 marked a shift, allowing for lower tariffs on wine above a specified value while providing technical support to local producers [2][4] - The European Free Trade Association (EFTA) agreement included new products like chocolates and watches, and promised a fresh Foreign Direct Investment (FDI) of $100 billion [3][4] Group 2: Negotiation Strategies and Trade-offs - Indian negotiators have learned to make trade-offs, such as reducing duties on French or Spanish wine in exchange for limited grape imports from Europe [3][4] - The government has allowed limited quantities of pears and apples with a minimum import price to ensure that the landed cost does not fall below Rs 96 per kg [5] - The approach to FTAs has evolved to include "new issues" like intellectual property rights, digital trade, and labor, while maintaining commitments aligned with international standards [5]

Core Insights - The article highlights a critical contradiction in the wine e-commerce industry: while front-end marketing can drive exponential growth, back-end warehousing and order fulfillment often hinder customer experience and limit scalability [2][4]. Pain Points - Quality Storage Issues: Limited home storage conditions and uncontrolled temperature and humidity in ordinary warehouses lead to the loss of product value during storage, particularly for temperature-sensitive wines [5]. - Operational Efficiency Challenges: Store owners juggle multiple roles, resulting in significant time spent on logistics tasks, which detracts from marketing and customer service efforts [5]. - Scalability Constraints: Sudden spikes in orders, such as during live broadcasts, can overwhelm existing staff and facilities, leading to shipping delays and damage to brand reputation [6]. - Cost Control Difficulties: Renting small warehouses incurs wasted space and management costs, while hiring dedicated staff results in fixed labor costs that are hard to adjust during off-peak seasons [6]. Proposed Solutions - The article suggests a shift towards integrated "professional storage + drop shipping" services as a solution to these challenges [7]. - An ideal warehousing partner should provide a professional and secure storage environment, ensuring optimal temperature and humidity control, along with robust security measures [9]. - Efficient and precise order fulfillment capabilities are essential, allowing businesses to focus on growth rather than logistics [10]. Case Study Insights - A case study of a client illustrates the transformation from handling 10 orders daily to leveraging a temperature-controlled warehouse and drop shipping service, significantly enhancing operational efficiency [10]. - Key improvements include seamless integration with e-commerce platforms, standardized picking processes, customized packaging to reduce damage, and access to cost-effective logistics options [11]. - The client experienced a time savings of over 4 hours daily, improved cost structure, enhanced customer experience with faster shipping times, and the ability to handle over 800 orders in a single day without delays or errors [11]. Evaluation Criteria for Warehousing Partners - Companies are advised to focus on the capabilities of the warehouse management system (WMS) and the overall order processing workflow rather than just the physical space [12]. - Instead of merely comparing rental prices, businesses should seek customized warehousing and shipping solutions tailored to their specific operational needs [12]. - Selecting partners who understand industry characteristics and can provide reliable support for business growth is crucial [12].

Core Viewpoint - Andrew Peller Limited will release its financial results for the three and nine months ended December 31, 2025, on February 10, 2026, with a conference call scheduled for February 11, 2026, to discuss these results [1]. Group 1: Financial Results Announcement - The financial results will be issued after the market closes on February 10, 2026 [1]. - A conference call to discuss the financial results will take place on February 11, 2026, at 10:00 a.m. (ET) [2]. Group 2: Conference Call Details - The conference call will have local Toronto/international dial-in numbers and a North American toll-free number for participants [2]. - A live webcast of the conference call will be available on the company's investor relations website [2]. - A recording of the call will be accessible on the investor relations website following the live event [2]. Group 3: Company Overview - Andrew Peller Limited is a prominent producer and marketer of quality wines in Canada, with wineries located in British Columbia, Ontario, and Nova Scotia [2]. - The company markets wines produced from grapes grown in various regions, including Ontario's Niagara Peninsula and British Columbia's Okanagan and Similkameen Valleys [2].

Market Overview - US stocks are expected to face significant losses due to renewed trade tensions between the US and Europe, particularly regarding Greenland, alongside a global bond sell-off led by Japan [1][2] - Dow Jones Industrial Average futures indicate a potential drop of nearly 600 points, with S&P 500 and Nasdaq 100 futures also showing declines of 1.3% and 1.6% respectively [1] Trade Tensions - President Trump has threatened additional import duties of 10% on eight NATO countries unless a deal regarding Greenland is reached, with the EU considering $108 billion in retaliatory tariffs [3] - Trump also proposed a 200% import tariff on French wines following a diplomatic snub from President Macron, escalating trade tensions further [4] Bond Market Impact - Treasury yields have risen to their highest levels in four months due to the sell-off in Japanese bonds, which has affected US debt markets [5][8] - The "Sell America" trade has emerged, leading to a decline in the dollar and record highs for gold and silver as investors seek safe-haven assets [5] Earnings Season - Investors are preparing for a busy earnings season, with Netflix set to report results after the market close, and its stock has shown resilience by rising after amending its bid for Warner Bros [6] - D.R. Horton reported a 3% decline in stock price due to lower first-quarter profits amid affordability concerns affecting home buyers [7] Acquisition News - GSK has announced the acquisition of RAP Therapeutics for $2.2 billion, significantly boosting its food allergy treatment portfolio, resulting in a 60% increase in RAP's stock price [10]

Group 1 - The holiday gift category experiences significant price increases as New Year and Spring Festival approach, with items like tea, alcohol, and snack gift boxes seeing prices tripled due to packaging and presentation rather than content [3][5] - The profit margins on gift boxes are notably higher than on bulk items, as consumers are purchasing for social status rather than necessity, leading to increased demand and higher prices during the holiday season [5] Group 2 - Everyday essentials that are used frequently but purchased infrequently, such as tissues and laundry detergent, also see price increases as retailers adjust prices at year-end, causing noticeable financial pressure on consumers [7][9] - Some products employ a strategy of "shrinkflation," where the quantity decreases while the price remains the same, making it difficult for consumers to notice the price increase over time [9] Group 3 - The restaurant and takeout sector experiences price hikes during the year-end due to increased demand from gatherings and events, with delivery fees rising and discounts becoming less frequent [11][13] - Consumers have reported that the same meals can cost significantly more during the holiday season, with restaurants often reconfiguring meal options to obscure price increases [13] Group 4 - Seasonal items, particularly winter necessities like down jackets and heating appliances, see substantial price increases as demand spikes in colder months, with consumers often waiting until the last minute to purchase, leading to higher prices [15][17] - The home appliance industry follows a pattern where heating products are more expensive in winter, with consumers willing to pay premium prices for comfort during cold weather [17] Group 5 - The overall trend of price increases at year-end is characterized as a cyclical fluctuation driven by changes in consumer demand rather than a general inflationary trend, highlighting the importance of timing in purchasing decisions [19]

Company Performance - TFF Group reported a significant decline in sales of approximately 25% and a net profit decrease of 33% for the first six months [1] - The operating leverage was noted to be modest, with a previous year’s 9% sales decline resulting in a 40% profit decline, indicating better cost management this year [1] - Wine sales performed relatively better than Bourbon Whisky, which experienced a sharp drop in production [1] Market Outlook - The market had anticipated the poor performance, and TFF's outlook for the remainder of the financial year is somewhat optimistic, projecting a full-year revenue decline of 20-25% [3] - Analysts expect earnings per share (EPS) of 1.25 EUR for FY 2026/2027 and 1.62 EUR for 2027/2028, which may support the current share price [4] Industry Developments - The EU has signed a trade agreement with the Mercosur region, removing tariffs on spirits and wines, which were previously 17% on wine and 20-35% on spirits [6] - The agreement may benefit European spirits producers, particularly for products like Cognac and Campari's Aperol, while the impact on wine producers remains uncertain due to competition from Argentina and Chile [7][9]