Campari Keeps Outlook Despite Slight Sales Drop
By Andrea Figueras
Davide Campari-Milano backed its view for the current year despite a slight decrease in sales for the first quarter, at a time when drinks makers grapple with consumption normalization after the post-pandemic boom.
The Italian distiller said Tuesday that it booked sales of 663.5 million euros ($714.5 million) for the first three months, compared with EUR667.9 million in the prior-year period. The result compares with analysts' forecasts of EUR661.2 million, according to a poll of estimates compiled by Visible Alpha.
Sales grew 0.2% organically but fell 0.7% on a reported basis. Results were mainly driven by a strong performance of Campari and Aperol aperitifs, the company said.
Adjusted earnings before interest and taxes dropped to EUR151.5 million from EUR159.3 million previously.
"We entered the year yet again with momentum and a resilient performance in a low season quarter and despite the expected tough comparison base," Chief Executive Matteo Fantacchiotti said.
For the current year, Campari didn't disclose a numerical guidance but continues to expect to outperform the wider industry despite what it called normalizing consumption patterns in the sector and volatile macroeconomic environment.
As for the medium-term, it targets continued growth momentum and intends to deliver profitable growth.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
May 07, 2024 06:09 ET (10:09 GMT)
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