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Constellation Brands Inc.'s (STZ) fiscal fourth-quarter net loss narrowed amid lower restructuring and other charges and improved margins. The alcoholic beverages maker forecast earnings for the current fiscal year in line with latest Wall Street estimates.

While the company has been considered recession resistant, it hasn't necessarily been recession proof, and Constellation lowered its forecasts last month for the fiscal year just ended. It also predicted lower earnings for the current fiscal year, without giving details. Analysts, at the time, had been expecting an increase.

The company, which produces Robert Mondavi wines, and other brands, in late March gave a glimpse of cost-cutting plans, which include eliminating 5% of its global work force of 9,000 people. Wednesday, the company said it is aiming to save $25 million in the just-started fiscal year and more than $50 million by the end of the following year. Constellation expects to take a total of $112 million in charges, with the majority incurred in 2010.

For the quarter ended Feb. 28, the biggest global wine maker by volume reported a net loss of $406.8 million, or $1.88 a Class A share, compared with a prior-year net loss of $834.8 million, or $3.91 a share.

The latest period included $468 million in restructuring costs and other charges, mostly related to a decline in its U.K. and Australian businesses. Prior year included $888 million in restructuring-related and other charges.

Net sales, which exclude excise taxes, decreased 17% to $735 million.

Analysts polled by Thomson Reuters most recently were looking for earnings of 22 cents on revenue of $791 billion.

Gross margin fell to 26% from 35.2%.

The company has been shifting its focus to higher-priced products, where most of the growth has been in the alcoholic beverages industry in recent years.

Branded wine sales, which represent the bulk of its earnings, fell 4% amid a sharp decline in demand in Europe. Spirits sales increased 6%, driven by the growth of Svedka vodka brand.

For the just started fiscal year, the company expects per-share earnings of $1.60 to $1.70, in line with analysts' views for $1.65.

Shares closed at $11.64 and didn't trade premarket.

-By Tess Stynes and Katherine E. Wegert, Dow Jones Newswires; 201-938-2473; tess.stynes@dowjones.com