ITALY: Gruppo Campari sales, profit rise
Italian spirits group Campari has reported a 0.8% rise in revenue for the first nine months of 2008, despite unfavourable exchange rates.
Revenue crept up to EUR649.6m for the nine months ended 30 September, Campari said today (11 November). Pre-tax profit rose by 0.9% to EUR116.5m.
A strong performance from the Campari brand and the group's Brazilian brands, which increased sales by 10% and 21% respectively, boosted the firm's results.
Exchange rate fluctuations sent total sales in spirits, a division which makes up two thirds of revenue, down by 1% for the nine months, however. Skyy increased sales by 11% at constant exchange rates, but this translated into a 0.8% decline in real terms. Scotch whisky brand Glen Grant also saw sales slip 0.5%.
Wines, which make up around 15% of Campari revenue, increased sales by 8%, with strong growth from Cinzano Vermouth and sparkling wines.
Campari's Italian soft drinks division increased sales by 2% on an organic basis, driven by the Crodino brand, the group said.
CEO Bob Kunze-Concewitz said he was pleased with the results, considering tough market conditions. "As we look ahead, we expect to contain the short-term market challenges and remain positive on the growth prospects of our group in the medium-long term."
Campari also today announced the acquisition of Tequila firm Destiladora San Nicolas for US$27.5m. Click here to read more.
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