MILAN (Reuters) – Italian drinks group Campari on Tuesday posted a 19.6% rise in like-for-like sales in the first quarter, thanks to the price increases put in place last year as well as some temporary effects such as an early Easter calendar.
The maker of Aperol and Campari bitters said in a statement that January-to-March total revenues came in at 667.9 million euros ($732.8 million) compared with 534.8 million euros a year earlier, while adjusted operating profit margins rose to 23.9% from 21.4%.
The group confirmed its guidance for 2023 of a flat adjusted earnings before interest and taxes (EBIT) margin of 21.1%, given the current volatile macro-environment.
Milan-listed shares in the drinks group rose as much as 3.2%, extending gains after results were published.
By around 0905 GMT, the stock was up 1.7%, outperforming a 0.2% rise in Milan’s blue chip index.
($1 = 0.9114 euros)
(Reporting by Federico Maccioni, editing Gianluca Semeraro and Keith Weir)
