- Sales in three months to end of June decline 6.4% to MXN11.46bn (US$615.8m)
- Fall is almost identical to Q1’s -6.9% performance
Proximo Spirits has booked a fourth consecutive quarter of declining sales, with the latest three-month period in line with the first quarter of the current calendar year.
The dip of 6.4% in sales from the three months to the end of June followed Q1’s fall of 6.9% on the corresponding period a year earlier. Despite the performances in the calendar year so far, the group, which holds responsibility for brands including tequila giant Jose Cuervo, noted “early signs of improvement in certain markets”, suggesting healthier returns in H2 of 2025.
In a results announcement light on commentary, Proximo flagged what it called “challenges” in the RTD and alcohol-free categories in the US and Canada during the second quarter. At the same time, the removal of US-sourced alcohol products from Canadian stores’ shelves during the period also impacted volumes, which declined by 4.2%.
The Jose Cuervo stable delivered a 2.1% value lift – albeit in reported terms – as the brand’s volumes slipped by 1.7%. ‘Other Tequilas’, consisting of the company’s premium-plus brands, were up 5.4% value-wise (again in reported terms) on +2.1% volumes.
Regionally, the forementioned issues in the US and Canada – where tequila continued to post a “strong performance” – resulted in a 10.6% (organic) slide in sales for Proximo. The double-digit drop was offset by the domestic showing for the tequila-dominated company, with Mexican sales rising 4.8%.
Organic sales for the ‘Rest of the World’ reporting region were down 8.4% due to “high inventory levels, which resulted in an unfavourable disparity between shipments and depletions” for the business.
“Throughout the first half of 2025, we continued to operate in a volatile and competitive global environment,” Proximo said in its management commentary. “Consumer preferences remain supportive of high-quality, authentic brands, and our portfolio continues to be well aligned with these evolving trends. Tequila remains a key growth driver across regions, driven by sustained category momentum.
“We begin to observe early signs of improvement in certain markets and continue working toward a more balanced alignment between shipments and depletions, which year-to-date are unfavourable.”
