- Half-year sales up 14.2% to EUR1.46bn [US$1.62bn]; Q2 sales up 10.1%
- Double-digit growth in US, but sales rise slows in second quarter, to end of June
- Aperol leads charge with triple-digit growth in US, GTR
Campari Group CEO Bob Kunze-Concewitz says he is “confident” of the company’s positive momentum for the remainder of 2023 after first-half sales grew by 14.2%.
While revenue growth slowed slightly versus the first quarter, when sales soared by nearly 20%, Campari achieved another three months of double-digit gains to 30 June, thanks to strong performances from Aperol, Campari, Wild Turkey and Espolòn.
All regions recorded double-digit revenue gains, led the company’s smallest region, Asia Pacific (+26.2%), where South Korea, Japan, China and India were standouts.
“Looking at the remainder of 2023, we remain confident of the positive business momentum across key brand-market combinations, reflecting business seasonality and expected normalisation in volume growth, thanks to strong brand equity and continued strength in the on-premise,” said Kunze-Concewitz.
Sales in the US grew by 11.7%, but growth slowed markedly in the second quarter to +3.3%, which Campari blamed on an expected shipment phasing reversal from the first quarter, coupled with the destocking of Grand Marnier.
Italy’s +13.4% revenue growth was driven by continued success for Aperol, Campari, Campari Soda and Crodino, while France’s even more impressive gain of +21% was built on strong performances from Aperol, Campari, Riccadonna sparkling wine and Lallier Champagne.
Elsewhere in Europe, Germany grew by +16.4% and the UK by +20.9%; Aperol and Campari were common factors in their success. However, the company cautioned that both Campari and Aperol were impacted in the second quarter by poor weather and delistings in some markets linked to price increases.
Aperol continued its dynamic growth, with global revenues up 32.4% on the back of positive pricing and triple-digit growth in the US (+122.5%) and GTR, plus double-digit gains in a number of other markets in Europe, as well as in Canada and Australia.
Campari (+13.2%) and the Wild Turkey franchise (+12.5%) also registered double-digit growth, with the group highlighting the success of the latter’s high-margin Russell’s Reserve line (+76%).
Espolòn continued to cash in on the US Tequila boom with revenues rising by +43.4%, and single malt Glen Grant grew in double digits on a premiumisation push.
It was, however, a six months to forget for Grand Marnier: sales slumped by -30.1% thanks to destocking in the US.
Earlier this month, Campari Group confirmed a change in leadership of its ‘Americas’ business unit, with US & Canada MD Ugo Fiorenzo replacing Mauro Caneschi.
Campari Group’s official H1 results announcement
