Analysis

just the Facts - Gruppo Campari's Q1 by Region, Brands

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Earlier today (13 May), Gruppo Campari announced its results for the first three months of 2013. Here is a look at the results in the company's regions and from its main brands.

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Regions

Sales in the Americas, a region that accounted for 45.1% of group sales, leapt by 66.7% on a reported basis and by 10.8% in organic terms. The inclusion of sales from Lascelles deMercado, the purchase of which closed late last year, drove the reported sales leap. The US - 19.6% of total group sales - delivered an organic lift in sales of 7.6%. Brazil reported a sales leap of 22.4%, as the "other Americas" saw sales rise by 14% in organic terms.

Italy was the bad apple in the quarter. The country, which accounted for 23.8% of sales - saw organic sales plunge by 26.3% following the introduction of legislation regarding client payment terms in October last year. Subsequent de-stocking was experienced in the country throughout the first quarter. Strippping out the de-stocking effect, which is estimated to have been EUR25m, sales would still have been down, by around low- to mid-single digits.

The rest of Europe (19.2% of total sales) reported an 8.8% fall in organic sales, due to "very poor" weather conditions in the region. A new distribution agreement in Germany proved a positive in Europe, but falls in France, Spain and Greece were the main handicaps.

The rest of the world, including Global Travel Retail, contributed 11.9% of total sales. Although reported sales jumped by 24.5%, organic sales slipped by 6.9% thanks, in part, to "heightened competitive pressure" on Bourbon and RTDs in Australia.

Brands

Spirits made up 71.1% of total sales in the quarter, down from 77.8% a year earlier. Brand Campari saw sales fall by 12.4%, due to the Italian de-stocking. Aperol posted a 15.3% drop in sales due to continued weakness in Germany. Skyy vodka inched up 1.9%, thanks to a 3.5% lift in the US. Wild Turkey was overall flat, while Glen Grant fell by 11.8%.

Wines accounted for 13.1% of total sales, up from 11.6% year-on-year. Cinzano vermouths improved their sales by 7.8%, although Cinzano sparkling wines fell by 10.5% in organic sales by value.

Soft drinks sales accounted for 5.3% of sales, down from 9.6% in Q1 2012. The Crodino brand was hit particularly hard by the Italian destocking, with sales plunging by 45%.

Finally, "other" drinks made up 10.5% of total sales, up from 0.9%.

Campari's net financial debt at the end of March totalled EUR914.1m, compared to EUR869.7m at the end of 2012.

For a full round-up of just-drinks' coverage of Campari's Q1 performance, click here.


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