Campari Reports Higher Sales Driven by Pricing

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 [e-mail]

(END) Dow Jones Newswires

October 26, 2023 06:04 ET (10:04 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.