Normalizing Trends Impact Cuervo’s FY ’23 Performance

Dear Client: Cuervo ended its fiscal year (ended December 31) with global volumes down 1.4% and net sales up 6.2% on a constant currency basis. In Q4, volumes were actually up slightly, 0.2%, on a pro forma basis, and net sales were up 3.6%.   "Looking into market dynamics, we recognize the ongoing challenges caused by macroeconomics and geopolitical conditions," said chief Juan Domingo Beckmann during this morning's earnings call. "We have observed a slowdown in consumer demand across several markets