Consumer
Campari Shares Plunge With Weak US Demand Hitting Profit
The company is targeting a return to mid-to-high single digit organic net sales growth in the medium term.
Photographer: Francesca Volpi/BloombergThis article is for subscribers only.
Davide Campari-Milano NV shares plunged after it said profit dropped in the third quarter, hit by poor weather and cautious demand for high-end drinks among US consumers.
The Aperol maker’s adjusted earnings before interest and taxes fell 13% from the year-earlier period to €139.4 million ($151 million), missing a Bloomberg-compiled consensus of €178.5 million. The company, which recently parted ways with its chief executive officer, said it expects organic sales to grow by a low single digit percentage this year.