- Twelve month sales to the end of March down 3% to EUR96.6m (US$104.8m)
- Top line in fiscal H1 – to end of September – slipped by 1%
Flagging “industry-wide challenges” in its related commentary, the company posted a 3% decrease in sales from the 12 months to the end of March. Among the challenges cited as having hampered the full-year performance were “softened consumer demand, some downtrading [and] widespread destocking”.
Netherlands-based Lucas Bols, best known for its Bols range of liqueurs, was hit hardest by the ‘developed cocktail markets’ reporting region, which was impacted by a disappointing summer weather-wise across Western and Southern Europe. Elsewhere, the US – grouped within the ‘sophisticated cocktail markets’ segment, provided upbeat figures thanks to a recovery for the liqueurs brand, which cycled glass shortages in the year prior.
Sophisticated Cocktail Markets: N America
Developed Cocktail Markets: W Europe, Japan, Australia & NZ
Emerging Cocktail Markets: E Europe, Asia [excl. Japan], Latin America, Africa & Middle East
Brands-wise, the Passoã and Galliano liqueurs both had a disappointing fiscal 2024 “mainly driven by their challenging retail markets” although the pair were offset by a double-digit volumes jump in the US for Tequila Partida, which entered the portfolio around two-and-a-half years ago.
“Customers have destocked heavily following a significant increase in interest rates, and consumers are much more wary when it comes to how and where they spend their money,” said CEO Huub van Doorne. While the macroeconomic environment remains challenging and a full recovery in consumer demand is not expected in the short term, I am confident that our … brands are well-positioned in the global cocktail market.
Elsewhere in this week’s results announcement, Lucas Bols said that its acquisition by compatriot Nolet Group, lined up late last year, was declared unconditional in February. Nolet, which owns the Ketel One vodka brand that is handled by Diageo, has increased its holding from 30% to just under 76% as a result.
