Campari sales beat estimates but stock slips 5% on US outlook

Campari Group reported third-quarter sales that exceeded analyst expectations, though shares fell 5.12% on Thursday morning as the company projected a marginal decline in U.S. sales for the full year amid challenging market conditions.

The Italian spirits maker posted third-quarter sales of €777 million, surpassing the analyst consensus of €761.8 million. Organic net sales growth reached 3.4% in the quarter, marking the sixth consecutive quarter of organic growth. For the nine-month period ended September 30, total sales rose 0.4% to €2,289 million, with organic growth of 2.9%.

The company confirmed its full-year outlook for organic net sales growth of approximately 3%, despite ongoing market headwinds. However, Campari now expects a marginal decline in U.S. net sales for the year, even as aperitifs and tequila show strong growth. The weaker performance in some categories and a high comparison base in the fourth quarter are weighing on the North American market, which represents 36% of group sales.

"We have delivered our sixth consecutive quarter of organic net sales growth, while continuing to outperform the industry and gain share in our key markets, thanks to our priority brands," said Chief Executive Officer Simon Hunt.

Europe, accounting for 46% of group sales, delivered 3.4% organic growth, driven by strong performance in Italy and the United Kingdom. Emerging markets posted 9.3% growth, led by Brazil and Argentina. North America grew 1.0%, supported by solid tequila and aperitif sales in the U.S., though the broader portfolio faced pressure.

The company expects organic adjusted EBIT margin expansion for the year, including a €20 million impact from U.S. tariffs. Campari received €15 million in U.S. tariff refunds from 2025, partially reinvested and partially used to offset cost pressures.