- Sales in three months to end of March jump 19.6% to EUR667.9m [US$734.2m]
- ‘Southern Europe, Middle East & Africa’ climbs 23.5%, ‘Americas’ region up 19.5%
- Strengthens distribution footprint in Asia Pacific
An impressive start to the year has seen Campari Group deliver a near-20% increase in sales from the first quarter.
To the end of March, the brand owner saw its top line rise by 19.6% on the corresponding quarter in 2022. While acknowledging the period is traditionally a “small quarter”, Campari claimed to have benefitted from a “resilient consumer environment”, with special mention being made for its aperitif, Tequila and Bourbon brands.
At the same time, the company also flagged positive impacts from shipment phasings as well as the earlier Easter holiday period.
The stand-outs brands-wise included the perennial growth driver Aperol, which despite cycling a +72% sales achievement in Q1 last year was up again, this time by just under 44%. Namesake aperitif Campari, meanwhile, delivered a rise in sales of just under 24%, again against a "tough comparison base" a year earlier.
Wild Turkey jumped 27%, with the American Honey flavoured extension also growing by double digits. Also highlighted was Espolòn, with the Tequila brand soaring by over 60% thanks predominantly to a fruitful quarter in the US. In the minus column, however, was the Grand Marnier brand, as the liqueur was hit by US destocking "after a normalisation of logistics", resulting in a tumble of almost a third.
On a regional basis, Campari referred to the role price increases have been playing in its two largest reporting regions. The 'Americas', which accounts for 47% of group sales, was up 19.5% helped by the +23% showing in the US. In 'Southern Europe, Middle East & Africa', which includes the home market of Italy, the top line rose 23.5%.
Elsewhere in the results announcement, CEO Bob Kunze-Concewitz confirmed two distribution moves in Asia Pacific, comprising the buy-out of its route-to-market joint-venture partner in Japan, as well as increasing its stake in New Zealand's Thirsty Camel distributor. Specific details around the two transactions were not disclosed.
Campari Group's official Q1 results announcement.
