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.
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.
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.
News by Reuters edited by Donna Ahern, Checkout. For more Drinks stories click here. Click subscribe to sign up for the Checkout print edition.