Bourbon brands bolster Beam growth
Beam has reported strong results for the first quarter of 2012, with net sales up 13% on the same period last year.
The results were driven largely by growth across the group’s power brands Jim Beam (19%), Maker’s Mark (19%), Courvoisier (41%) and Teacher’s (17%).
Revenue from continuing operations grew by US$16.7m during the quarter, with net sales accounting for US$533.8m.
Matt Shatock, president and chief executive of Beam, said the group outperformed its global market on “sustained momentum for our Power Brands”.
“We indicated we expected a strong start to 2012, and the first quarter was a little better than we anticipated as we benefited from strong demand and excellent initial sell-in for new product launches that are front-loaded in 2012.
When taking into account the sale of stock following the company’s new Australian distribution agreement last year, net sales grew by 2%.
“Our organic growth strategy is proving highly effective. Our innovation pipeline delivered several exciting new products across categories that helped boost our sales in our seasonally smallest quarter. Once again, our comparable net sales growth was broad-based across our three regions, and emerging markets delivered strong double-digit gains.”
The group, which recently acquired the Pinnacle vodka and Calico Jack rum brands from White Rock Distilleries, predicts it’s the value of its global spirits portfolio will grow by 3% by the end of the year.