Campari, ended the first quarter of 2023 with net sales for 667,9 million euros, with an increase of 24,9% over the year, higher than the 618,6 million expected by the Bloomberg consensus. The gross margin was 389,7 million with a growth of 25,1% on 2022 and thepre-tax profit it was 133,6 million (+24,8%) in line with expectations. The group it had closed 2022 with +16,4% increase in sales. The stock rose by 2,78% this morning to 12 euros in Piazza Affari while the Ftse Mib grew by only 0,18%.
The group recorded a “very strong start to the year, in a quarter with low seasonality”explains a note from the Italian beverage group, adding that this is due “to the positive momentum of the brands, especially in the aperitifs, tequila and bourbon, in a context of resilient consumption, especially in the on-premise channel”. In organic terms, the positive sales result benefited from the "timing of the multiple cycles of price increases carried out in the previous year... as well as the early Easter".
CEO Kunze-Concewitz confirms guidance
In the presentation of the balance sheet data, the ceo Bob Kunze-Concewitz, confirmed its forecast of a stable Adjusted-EBIT margin as a percentage of organic net sales in 2023 on a year-over-year basis. The manager then underlined that "although production cost inflation is beginning to show the first signs of slowing down, the trend in margins will gradually discount the effect of the price increases reflected in the comparison base during the year, in addition to the evolution of the sales mix and the normalization of volume growth”.
The Group exercises some call options in advance
Campari also intends to continue its commercial growth in the Apac area (Far East) by strengthening the distribution structure. In this context, the group has decided to accelerate the acquisition of majority stakes in local commercial joint ventures in Japan and New Zealand through a early exercise of call options, with the consequent inclusion in the direct distribution network.
