Reuters: Global Markets: Constellation Brands profit up despite sales fall

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Constellation Brands profit up despite sales fall Apr 5th 2012, 11:48 Thu Apr 5, 2012 7:48am EDT (Reuters) - Constellation Brands Inc (STZ.N) 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. Net income 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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