MILAN (Reuters) -Italian spirits group Campari on Tuesday flagged potential risks from rising costs in the coming months after a rebound in aperitif consumption boosted sales in the peak summer season.
Shares in the Milan-based group turned negative after results were published and were down 2.3% at 1023 GMT. The stock had briefly touched an all-time-high of 13.10 euros in early trading.
The maker of Aperol and Campari bitters reported a 12.8% rise in its like-for-like sales for the July-September period as consumers enjoyed again drinking and dining outside.
Adjusted operating profit, or earnings before interest and taxes (EBIT), came in at 137 million euros ($159.4 million), up 16% on the same period of last year when excluding forex, acquisitions and divestitures.
Looking to the next few months and beyond, Campari said there were concerns about rising prices for some commodities, including key tequila ingredient agave. It also mentioned logistic expenses as an issue for the final part of the year.
“We expect the positive brand momentum and favourable sales mix to continue in the last quarter, helping to partially offset the intensifying input cost pressure, particularly logistics costs, accelerated brand building investments, as well as structure costs phasing,” Chief Executive Bob Kunze-Concewitz said in a statement.
($1 = 0.8593 euros)
(Reporting by Francesca LandiniEditing by Keith Weir)
