Aperitif Sales Help Campari Limit Core Profit Drop In First Quarter

By Reuters
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Aperitif Sales Help Campari Limit Core Profit Drop In First Quarter

Italian drinks group Campari posted a 4.9% drop in operating profit in the first quarter, broadly in line with expectations, due to a tough comparison with early 2023, when sales were boosted by purchases ahead of price rises.

The company's operating profit came in at €151.5 million ($163 million) in the first three months of the year, it said in statement.

New CEO Matteo Fantacchiotti struck a positive tone and said the outlook for the year remained unchanged.

"We entered the year yet again with momentum and a resilient performance in a low season quarter and despite the expected tough comparison base", Fantacchiotti said in a statement.

"We remain confident about continued growth momentum to deliver profitable growth", he added.


Campari's Milan-listed shares were up 5% by 09:30 GMT, extending earlier gains after the results.

Quarterly Highlights

Like-for-like sales edged up 0.2% to €663.5 million in the period, helped by growth in demand for its aperitifs Campari and Aperol.

Figures compared with a €654 million LSEG consensus for sales and a projection of €150 million for the adjusted operating profit.

Sales in the EMEA increased 2.2% during the quarter and accounted for 45% of total group sales.


In Italy, sales declined 4.9% year on year as it was impacted by the high comparison base, particularly for Aperol, while Campari registered growth of 11.8%.

Sales increased by 12.4% in Germany, driven by Aperol and Sarti Rosa. Non-alcoholic aperitif Crodino also witnessed growth alongside Ouzo12, the company added.

In France, the company reported sales growth of 4.5% thanks to Aperol, Riccadonna Prosecco, Picon, Trois Rivières and Crodino, while the UK registered a 3.6% decline, mainly due to a tough comparison base.

News by Reuters, additional reporting by ESM.

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