Higher Pricing Causing Lower Volumes

Dear Client: We got a lot of numbers coming your way but we'll endeavor to make it as interesting as possible. The key takeaway is that improved pricing ahead of the holidays is causing spirits volumes to slow a bit, but many will view this as good news that the industry is righting itself. And it's apparent that spirits is on a solid growth trajectory. Volumes grew 3.6% in the 4-weeks ending October 15, decelerating from +5.2% in the last