ITALY: Campari gains on Skyy launches
Meanwhile, earnings before interest and taxes, or EBIT, were up 11.4% to €28.6m, on sales €173m, up 14.7%.
The company pointed to the launch of new products such as flavoured vodkas in the Skyy vodka line and sales of soda drinks during the hot summer for the rise. In the first nine months, spirits sales were up 25.3% in constant currency terms, while soft drink sales, accounting for almost a quarter of Campari's group revenue, grew 14%. Sales of its Cinzano label vermouth and sparkling wines both rose more than 7% in the period.
However, the company said that the poor harvest last year and the limited stocks that followed meant sales of Campari's Sella & Mosca wines declined 1.2% in the first nine months of 2003.
EBITDA, for the first nine months, was up 6.2% to €118.7m.
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Campari has had its rating cut....
Davide Campari-Milano S.p.A. has seen a 2.6% rise in sales drive growth across all profitability indicators in the first half of the year....
US investment house Citigroup Smith Barney has cut its rating on Italian drinks group Davide Campari-Milano SpA from "buy" to "hold"....
Goldman Sachs has initiated coverage of Davide Campari-Milano shares....
Luca Cordero di Montezemolo, an independent director on the Davide Campari board, has handed in his resignation to the Italian company....
The Campari Group has seen a modest growth in its first quarter sales, although the performance led to a more impressive increase in other profitability indicators....
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