Campari Group reports 17.9% sales growth for Q1

04 May, 2021

Organic net sales at Campari Group increased by 17.9% to reach €397.9 million in the first three months of 2021.

The strong performance also represented a 12.1% increase on Q1 2019 for a pre-pandemic comparison.

Adjusted EBIT was €68.5 million, up 63.6% year-on-year on an organic basis, while group profit before tax increase 84.7% to €64.1 million.

Campari Group said that the growth was driven by markets in North America and northern Europe, which are naturally skewed towards off-trade sales. It added that recovery in Jamaica, Brazil and Argentina helped to offset continued weakness in the on-premise and global travel retail channels.

Net financial debt decreased by €35.8 million to €1,067.9 million as of March 31, 2021.

Chief executive Bob Kunze-Concewitz  said: “Overall we had a very solid and satisfactory start to the year with good brand momentum, driven by sustained home consumption.

“Nevertheless, the performance in this low seasonality quarter was amplified also by an easy comparison base as well as an early Easter effect.

“Looking at the remainder of the year, in addition to a marginally worsening exchange rates outlook, volatility and uncertainty remain due to the ongoing restrictions and the timing of the vaccine roll out in the European Union, affecting the on-premise channel as well as global travel retail.

“Concomitantly, the positive brand momentum is expected to continue, fuelled by sustained marketing investments, expected to accelerate towards the peak aperitif seasons, a gradual reopening of the on-premise channel as well as e-commerce momentum.

“With the aim of engaging the high-end trade and consumers in the super premium and above spirits market, we are pleased to introduce the RARE division, a new dedicated approach to establish Campari Group as a top purveyor of luxury offerings in the US and key global markets.”

Sales in the Americas increased 20.5% year-on-year during the three-month period. In north, central and eastern Europe, sales were up 16.3%, and the southern Europe, Middle East and Africa region enjoyed 6.1% growth.

Sales in Asia Pacific grew by 42.9%, with strong performances in Australia, Japan, New Zealand, China and South Korea.

The Aperol brand was broadly flat during the quarter, while Campari delivered growth of 6.5%. The star performers were Wild Turkey, which increased sales by 30.9% year-on-year, and the Jamaican rum portfolio, which was up 44.6%.

Espolòn, Bulldog, The GlenGrant, Cinzano, Mondoro, Riccadonna and Forty Creek all performed well, compensating the weaknesses of the bitters portfolio.

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