Lucio Co’s liquor distribution arm, The Keepers Holdings Inc. , delivered a stronger first-quarter profit as Filipinos bought more spirits, but the company’s latest numbers also showed the squeeze facing import-heavy consumer businesses: higher foreign exchange costs, elevated fuel prices, and another round of excise-tax increases. The company reported net sales of ₱4.31 billion in the three months ended March 31, 2026 , up 6.1% from a year earlier, as total cases sold rose 4% . Brandy remained the group’s anchor category, accounting for 81% of sales value and 84% of sales volume . But the volume growth came at a cost. Gross margin narrowed to 25.5% from 27.0% a year earlier, as the cost of sales rose faster than revenue. Management attributed the margin decline to high foreign-currency rates, elevated fuel costs, and the annual excise tax increase , while noting that the group did not implement price increases during the first three months of 2026 . That makes Keep...