ITALY: Gruppo Campari toasts Q1 sales, profits rise
- Q1 pre-tax profits up by 16.6% to EUR50.5m (US$71.5m)
- EBITDA up by 17% to EUR68.5m
- Net sales rise by 15% to EUR268.4m
- Italian drinks group hails "strong start to the year"
Gruppo Campari upbeat after solid Q1
Gruppo Campari has hailed its "strong start to the year" after reporting double-digit rises in first-quarter net sales and profits.
A 3% sales fall for the Italian group in its domestic market was offset by strong gains elsewhere, including in the Americas, Germany, Russia and Australia, Campari said today (12 May).
Among the group's drinks brands, Aperol and Wild Turkey Bourbon were the standout performers, helping net sales to increase by 15% to EUR268.4m for the three months to the end of March. Excluding currency gains, sales rose by 13%.
Group EBITDA rose by 17% on the same period last year, although currency contributed to 5% of this growth. Pre-tax profits also increased strongly, by 16.6% to EUR50.5m.
"Although the first quarter is a small one for Gruppo Campari, we are pleased to have had a strong start to the year," said Campari's CEO, Bob Kunze-Concewitz. "All of our growth engines (aperitifs in Europe and South America, vodka in the Americas and the Bourbon range in the US and Australia) performed well and we also benefitted from the strengthened route-to-market as well as the anticipation of shipments in Russia, ahead of the import license renewal."
He added: "We remain optimistic about our full year prospects."
To read the official results statement, click here.
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