Italian drinks group Campari on Wednesday posted a 19.2% rise in like-for-like revenues in the first half, driven by a full recovery of sales in restaurants and bars in Europe after the pandemic, good weather and pricing.
The maker of Aperol and Campari bitters said in a statement that revenues came in at €1.26 billion ($1.28 billion) in the first six months of the year, slightly ahead of market forecasts of around €1.22 billion.
Sales Increases
On the 13 May, Campari announced its plans to open several flagship bars for its best-selling spirits in Europe and beyond to help tap into a taste for the Italian aperitif culture.
Sales of Aperol, which is the group's best-selling product and the key ingredient for the Spritz cocktail, were up 37.3% on an organic basis in the first half.
Read More: Campari Plans New Bars To Help Whet Aperitif Appetites
In Spain alone, sales of the high-margin aperitif skyrocketed 206.8% in the period.
Adjusted operating profit in the January-to-June period rose 28.2% organically to €310.9 million, with margins hiking to 24.7% from 22.3% a year earlier.
Operating Profit Margin
Campari also confirmed its guidance of flat organic operating profit margin in 2022 on a full-year basis, citing enduring volatility and uncertainty due to the COVID-19 pandemic and geopolitical tensions.
By around 0926 GMT, shares in the drinks group were up 0.1%, underperforming a 0.5% rise in Milan's blue-chip index .FTMIB.
Read More: Campari Plans New Bars To Help Whet Aperitif Appetites
News by Reuters edited by Donna Ahern, Checkout. For more Drinks stories click here. Click subscribe to sign up for the Checkout print edition.
