Campari Reports Slowdown In Q4 Sales Growth As Shares Fall
Italy's Campari on Tuesday reported a slowdown in fourth-quarter sales, sending shares in the drinks maker down more than 5%.
Sales rose 2.1% on an organic basis in the October-December quarter, slowing from 6.6% growth in the first nine months of the year.
Organic sales strip out currency swings and any purchase or sale of assets.
Adjusted operating profit (EBIT) slipped 0.4% to €379 million, equivalent to 22.1% of sales, a slightly higher margin than in 2017.
"Unfortunately today's in-line results may not translate into further upgrades to consensus, which could weigh on shares short term given the strong run in the past 12 months," Berenberg analyst Gonzalez Javier Lastra said in a note.
The stock, which has gained more than 40% in the last year, was down 5.7% at 1214 GMT after touching a record high of €8.5650 ahead of the results.