Femsa Cervesa third quarter exports volumes grew only 2.3%, but US distributor depletions continue to run up "in the teens, on the continued strength of Dos Equis and Tecate," the company said in a conference call yesterday. That puts Femsa's YTD exports up around 12%. Femsa Cerveza total revenues increased 3.3%, Mexico sales volume grew 3.5%, and Brazil sales volume grew 6.7%. Income from operations decreased 8.8%, reflecting continued high commodity prices, increased promotional activity in Mexico, and sustained marketing
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