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Cuervo’s Sales Skyrocket In Third Quarter, Soaring 48% To $500 Million

October 23, 2020

Robust trends in the Tequila and RTD cocktail categories helped catapult Cuervo’s third quarter net sales to a half-billion dollars on a 48% increase. Volume leapt 26% to 6.6 million 9-liter cases, and operating income surged 169% to $147 million.

North America, accounting for about 72% of net sales, was the key growth driver for the company, with the region posting 79% sales growth to $360 million on volume gains of 51% to 4.4 million cases. Cuervo credited the U.S. surge to “the strength of our largest brands within the region leading an acceleration in depletions and shipments, and the Mexican peso depreciation against the U.S. dollar on a year-over-year comparison.”

Flagship brand Jose Cuervo Tequila saw global net sales climb 62% to $198 million in the third quarter on volume up 28% to 2.3 million cases. The company also saw rapid growth for its other Tequila labels—up a collective 47% to $133 million—and its RTD offerings, which jumped 144% to $66 million.—Daniel Marsteller

Proximo SpiritsTop Ten Brands in Control States, Year-to-Date
(thousands of mixed case depletions)
Rank Brand Type 2019 2020 Percent
Change
1 Jose Cuervo Tequila 472,869 598,727 26.6%
2 Jose Cuervo Margaritas Pre-Mixed Cocktail 188,471 255,773 35.7%
3 1800 Tequila 194,521 254,872 31.0%
4 Three Olives Vodka 106,098 97,265 -8.3%
5 1800 Ultimate Margarita Pre-Mixed Cocktail 61,462 93,327 51.8%
6 Pendleton Canadian Whisky 72,885 82,174 12.7%
7 The Kraken Spiced Rum 51,348 62,155 21.0%
8 Bushmills Irish Whiskey 25,108 24,936 -0.7%
9 Proper No. Twelve Irish Whiskey 15,158 20,398 34.6%
10 Tin Cup American Whiskey 10,826 12,085 11.6%
Total Top Ten 1,198,746 1,501,712 25.3%
Other Proximo Brands 26,230 30,823 17.5%
Total Proximo Spirits 1,224,976 1,532,535 25.1%
Sources: NABCA and IMPACT DATABANK © 2020
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