Cuervo/Proximo Spirits slides back to double-digit sales decline in Q3 - results data

Sales in three months to end of September decline 10.3% MXN9.25bn (US$495.6m)
Year-to-date sales estimated to be down by 9.6%, totalling MXN26.52bn ($1.42bn)

Cuervo and its global Proximo Spirits business has booked a fall in sales from its latest quarter that risks a double-digit top-line dip for the group for full-year 2026.

Having seen its sales in the three months to the end of June dip by almost 6% earlier this year, the Jose Cuervo brand owner today (29 October) said that its Q3 sales were down by 10.3%. Factoring in a Q1 top-line dive of 13.5% and the Beckmann family-led tequila giant, whose company, Cuervo, is known as Proximo Spirits outside of Mexico, is staring at an estimated year-to-date sales standing of -9.6%.

The group considers its results on a quarterly basis only, rather than cumulatively across the calendar year.

In a results announcement that – once again – was light on details, Cuervo provided figures that showed the Jose Cuervo portfolio tumbling by 21.3% in value sales in the three months to the end of September. The brand was down in volumes terms by 11%.

Meanwhile, the ‘Other Tequilas’ reporting division, which houses the group’s higher-end tequila marks, slipped by 6.7% in value on flat (-0.6%) volumes. ‘Other Spirits’, where, among others, Bushmills Irish whiskey and The Kraken spiced rum reside, had the worst quarter of Cuervo’s brand divisions, declining by 23.3% in value and by 8.2% in volumes.

In geographical terms, the brand owner noted a ray of sunshine in the US & Canada reporting region, where, while sales fell 7.6% in value and 3% in volumes, Cuervo flagged “a further sequential improvement, as the distributor transition continued to progress and inventory levels across the system normalised”.

Domestically, meanwhile, Mexico’s sales were down 6.4% while the ‘Rest of the World’ slumped by 19%, both in value terms.

“During the third quarter, the realignment of our US distribution continued to progress, and our portfolio continued to outperform the broader full-strength spirits market, with our largest transition markets returning to growth,” the company said in the results announcement.

“We remained focused on disciplined execution, protecting our brands and financial strength and are committed to creating sustainable value over time.”

See below for the most recent investor presentation, in March, from Cuervo.