Campari show “strong momentum” in latest results


Campari have released their results for the first nine months 2023 which show “strong momentum despite the expected normalisation in the third quarter  and poor weather conditions in Europe.” In particular, they report good performance from the aperitifs tequila and bourbon.

Campari report that, “Net sales were €2,201.3 million, up +9.8% on a reported basis with organic growth of +10.5% in the first nine months of the year. Gross profit totalled €1,303.1 million, 59.2% of net sales, up by +7.7% in value on a reported basis. It grew organically by +10.4% with a margin dilution of -10 basis points. The organic margin dilution reflected the impact from high COGS inflation, only partially mitigated by pricing and the sales mix.”

The UK grew by +14.7% “despite difficult consumer dynamics as well as unfavourable weather in the third quarter thanks to momentum in the aperitifs and Wray & Nephew Overproof.”

Bob Kunze-Concewitz, Chief Executive Officer said, ‘Overall, our strong performance continued into the nine months thanks to solid brand momentum, in particular from aperitifs, tequila and bourbon, as well as robust pricing across the portfolio, whilst also reflecting the expected normalisation in the third quarter and the impact of poor weather in Europe.

“Looking at the remainder of 2023, we expect our topline performance to reflect the strength of our key brands with continued outperformance vs. core reference markets, positive pricing and the continued normalisation of volume growth.

“On a full year basis, we confirm our guidance of a flat organic EBIT-adj. margin despite the current volatile macro-environment. In addition, we expect the negative forex trends to continue, reflecting the weakening US dollar and other key emerging market currencies as well as the appreciation of the Mexican Peso.

“In the medium term, we remain confident to continue delivering strong organic top-line and margin expansion leveraging mix improvement as well as input cost inflation easing.”

Picture: Bob Kunze-Concewitz, CEO


Category: News, Spirits
Tags: Bob Kunze-Concewitz, Campari