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Campari posts double-digit growth as on-premise rebounds
Campari has posted strong double-digit growth in the first nine months of 2021, fuelled by the boom in home cocktails and the bounce back of the on-premise.
Net sales rose to €1,575.7 million, up 27.3% on the same period in 2020 or 24% higher than the same period in 2019, the last pre-Covid year. Despite a touch comparable, there was 12.89% growth in the third quarter, a rise of 27.3% from the same period in 2019.
Earnings before interest and taxes (Ebit) was up 54% compared to last year, to €359.8 million, or nearly a third (+31.7%) on the first nine months of 2019.
Net also fell, down from €177.8 million at the end of December 2020, to €926.0 million on 30 September, helping to improve the debt/earning ratio to 1.8x.
Chief executive officer Bob Kunze-Concewitz said the positive trends from earlier in the year had continued into the key summer season, “thanks to a recovery in the on-premise driven by ‘revenge conviviality’ combined with sustained home consumption trends”.
He said he expected the positive brand momentum and favourable sales mix to continue in the last quarter of the year, helping to partially offset the intensifying input cost pressure, notably logistics costs, accelerated brand building investments, as well as structure costs phasing.
“Looking beyond the current year, whilst uncertainty remains in connection with the evolution of the pandemic and its induced effects such as logistic constraints and intensified input cost pressure, albeit mitigated by the improving outlook for agave, we remain confident of our solid business momentum.”