Campari Faces Tough First Half

Dear Client:Grupo Campari finished integrating Wild Turkey in its first half, with overall results turning out better than expected. However, UBS analyst Melissa Earlam noted spirits sales “decline[d] slightly worse than expected.” Organic sales were down a whopping -15.1% in the U.S. through subsidiary Skyy Spirits, offset by a positive exchange rate of 12.4% and positive perimeter effect of 4.3%.These declines were partially due to Skyy Vodka sales, which grew 0.5% at constant exchange rates (+13.2% at actual exchange rates).