Supply Constraints + Tough Comps Equals “Challenging” Q3 for Cuervo

Dear Client:  Supply chain constraints plus tough comps hampered Grupo Cuervo's Q3 performance. Volumes were down 2% and net sales were down nearly 8% for the third quarter ended September 30. However, the company is still growing ahead of 2019, with volumes up 23.5% and net sales up 36.6% over Q3 2019. Results were up high double digits in both sales and volume for Mexico and the Rest of the World, but that wasn't enough to offset declines in the US