Campari Reports Higher Sales Driven by Pricing
October 26 2023 - 5:19AM
Dow Jones News
By Andrea Figueras
Davide Campari-Milano posted higher sales for the first nine
months of the year driven by solid brand momentum of aperitifs,
tequila and premium bourbon, as well as robust pricing.
The Italian distiller booked earnings before interest and taxes
of 491.1 million euros ($518.9 million), up from EUR466.1 million a
year earlier.
Despite the expected normalization in the third quarter and poor
weather conditions in Europe, sales came to EUR2.20 billion for the
period, rising 9.8% on-year on a reported basis. All regions grew
organically, while the Americas accounted for 43.5% of the group's
sales, being the largest contributor.
"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 normalization of volume growth," Chief
Executive Bob Kunze-Concewitz said.
For 2023, the maker of Aperol continues to estimate a flat
organic adjusted EBIT margin and expects negative foreign exchange
trends to continue, reflecting the weakening U.S. dollar and other
key emerging market currencies as well as the appreciation of the
Mexican Peso, it said.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
October 26, 2023 06:04 ET (10:04 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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