Analysis

Focus - Gruppo Campari's FY Performance by Region, Brand

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Earlier today (12 March), Gruppo Campari announced its full-year results, making a recovery after a difficult first half. Here, just-drinks takes a look at the group's results by region and brand:

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Regions

Americas

The region, which accounts for 41% of total group sales, posted overall growth of 34.1% thanks in part to the acquisition of Appleton Estate owner Lascelles deMercado & Co in 2012. Organic sales were up by 6.3%.

The US - 20.5% of group sales - saw sales increase organically by 6.3%, driven by double-digit growth in the Wild Turkey franchise. Skyy vodka was flat versus last year.

Sales in Brazil lifted by 3.7% organically, with a strong recovery in the last quarter (up 12.5%). Growth in premium brands Skyy, Campari and Sagatiba offset a soft - although improving - performance of local brands Dreher, Old Eight and Drury’s. Argentina, where Campari and Skyy both grew by triple digits, posted strong 26.4% organic growth.

Europe

Campari's domestic market of Italy recorded a reported 3.8% drop and an organic 4.1% fall in sales. But, it was a year of two halves, with the country seeing a 16% decrease in the first six months and 10% growth in the second.

Sales in the rest of Europe (24.2% of group sales) rose by 6.7% overall, driven by organic growth of 3.1%. Softness for Aperol in Germany saw the country post a 6.4% organic sales fall.

Russia registered organic growth of 36.9%, driven by double-digit growth in Mondoro and Cinzano. Other central European markets, including Switzerland, Austria, Belgium and France, and Eastern Europe showed a positive trend in 2013, Campari said.

Rest of the World/Travel Retail

The region saw sales grow by 11.9% overall in 2013, with an organic slide of 1.1%.

The negative organic performance was due to declines in Australia and Japan, in part offset by results in "high potential" markets, such as Nigeria, China and South Africa. Australian sales were down by 6.1% organically, because of a weak performance of Riccadonna sparkling wines.

Brands

In spirits (73.3% of group sales), brand Campari registered an organic sales increase of 8.2% driven by continued growth in the core Italian and Brazilian markets. The brand achieved triple-digit growth in Argentina and double-digit growth in the US and Nigeria. Aperol had a negative organic sales performance of 1.4% because of weakness in Germany. This offset the strong performance in Italy (up 10.6%), where the brand reached all-time high sales.

Skyy sales achieved organic growth of 2.7%, driven by Brazil, Germany and South Africa, and a strong momentum in new attractive markets, particularly Argentina and China. The Wild Turkey franchise registered organic growth of 6.1%, thanks to the double-digit rise in sales of Wild Turkey Bourbon, behind the continued strong performance of the American Honey extension. Wild Turkey ready-to-drink showed “weakness”, Campari said.

Wine sales increased overall by 15.8%, up 7.6% organically. The Cinzano franchise registered organic growth of 3.9%. Sparkling wines Riccadonna, Odessa and Mondoro increased organic sales by 30.6% driven by the “outstanding” performance of Mondoro in the core Russian market, Campari said.


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