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ITALY: Gruppo Campari "cautiously optimistic" for FY as Q1 holds own

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  • Q1 pre-tax profits rise by 4.6% to EUR52.8m (US$67.9m)
  • Operating profits in three months to end of March also increase, by 2.7% to EUR62.4m
  • Net sales up by 4% to EUR279.3m
  • Wine sales dip but spirits remain high

Gruppo Campari has said it remains "cautiously optimistic" for the full year, after posting slight rises in first-quarter sales and profits.

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The Italian drinks company said earlier today (15 May) that pre-tax profits for the three months to the end of March rose by 4.6% to EUR52.8m (US$67.9m). Operating profits were also up, rising by 2.7% to EUR62.4m while net sales increased by 4% to EUR279.3.

“First-quarter 2012 results were in line with expectations, resulting in positive organic growth in sales and operating profit performance, despite a tough comparison base and the anticipated one-offs,” said Campari CEO Bob Kunze-Concewitz.

“The business confirmed its resiliency in Italy and Germany, gained momentum in the US and continued to perform very strongly in markets where distributions was recently insourced, including Australia, Argentina and Mexico. With Russia progressing as planned and first-quarter 2012 results in line with expectations, we remain cautiously optimistic for the full year.”

Campari was buoyed by a good performance from its spirits stable, which grew 5.4% in sales. Wine sales, however, declined 5.5%.

Strong sales in the key US market, which makes up one-fifth of group sales, was one of the drivers behind the results. The region posted a 5.4% increase, helped by the Wild Turkey and SKYY franchises.

Italy, which accounts for about one-third of group sales remained flat, while the rest of the world segment, which includes Australia, Japan, China and travel retail, jumped 36.6%.

Cinzano vermouths declined by 24% driven largely by Russia where the business is affected by the brand’s transition into the new group organisation, the company said.

Campari's share price rose 1.77% in early trading.

Click here to read the company's official release.


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