Premium spirits maker Beam Suntory said its net sales were up 10 per cent year-on-year in H1 with growth across premium and Ready-to-Drink (RTD) brands.
The company said strong APAC and international sales growth balanced flat performance in North America driven by market conditions. Premiumisation initiatives and Limited Time Offers (LTOs) buoyed sales globally, and Ready-to-Drink portfolio delivered double-digit growth.
“We are optimistic about the second half as we are starting to see signs of improvement in the US market dynamics, and we remain committed to our long-term strategy to build a premium-plus portfolio that delivers value over volume,” said Albert Baladi, President & CEO of Beam Suntory.
Asia Pacific delivered 16 per cent sales growth versus last year as the region rebounds post-Covid, and the international region saw 10 per cent sales growth. This helped balance out a challenging market in North America, which was flat versus the first half of last year as the business contends with a slowdown in consumer demand in the US and the category resets post-Covid.
Global icons Jim Beam, Maker’s Mark, and Roku delivered mid to high-single-digit sales growth in the first half, and Japanese whiskies delivered double-digit sales growth versus last year, driven by the House of Suntory’s 100 Year Anniversary and celebratory LTOs. Tequila was also a highlight with single-digit sales growth from Hornitos and double- and triple-digit growth for Tres Generaciones and El Tesoro, respectively.
Single Malt Scotch helped propel performance in Europe and Asia with Bowmore posting double-digit growth and Laphroaig delivering mid-single-digit sales growth versus last year. RTDs delivered double-digit sales growth and continue to be a net growth contributor as the company expands its global leadership and footprint, said the company.