Campari Posts Flat First-Quarter Sales
May 7, 2024For its fiscal first quarter, Campari Group reported net sales of €663.5 million ($715 million), eking out a 0.2% gain on an organic basis.
The company noted that when compared to a normalized Q1 2023 and disregarding the phasing effects caused by price increases for the company’s Italian aperitifs and Espolòn, the organic gains would be 6%. Adjusted EBITDA was at €181.1 million ($195m), up 0.6% on an organic basis.“We entered the year yet again with momentum and a resilient performance in a low season quarter and despite the expected tough comparison base,” said CEO Matteo Fantacchiotti. “With normalizing industry consumption patterns and volatile macro environment, we expect continued industry outperformance thanks to our healthy brands playing in growing categories, particularly in aperitifs and Tequila.”
Last year, according to Impact Databank, Campari was led in the U.S. by Espolòn, which was up nearly 25% to roughly 1.4 million cases in the U.S. Other growing brands for the company include Aperol and Campari, with the former up more than 40% to over 500,000 cases and the latter up 7% to just under 250,000. Russell’s Reserve also was a strong performer for the company, up 10.6% to 93,000 cases. Skyy and Wild Turkey, however, faced challenges with the vodka label dropping 9.2% to 1.68 million cases and the whiskey brand down 2.1% to 872,000 cases.—Shane English
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