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Beam Suntory first half sales rise on premium brands & on-premise recovery
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Wednesday, 18 August, 2021, 14 : 00 PM [IST]
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Our Bureau, Mumbai
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Beam Suntory, a world leader in premium spirits, reported results for the first half of 2021, reflecting a stronger-than-expected rebound in key markets and excellent performance for premium brands. Net sales increased 12% for the maker of Jim Beam and Maker’s Mark bourbon, Courvoisier cognac, and Hibiki Japanese whisky.
The company benefited from double-digit sales gains in markets including the United States, Canada, EMEA, Oceania, India, China, Emerging Asia and Global Travel Retail. First-half 2021 sales were 8% above the first half of 2019, the comparable pre-pandemic period.
Albert Baladi, president and CEO, Beam Suntory, said, “I’m very proud of the work our teams have done to secure our supply chain, protect our people, meet consumer needs, and anticipate long-term trends throughout the pandemic, and I believe our results reflect that. With a focus on premiumisation our business, accelerating key growth platforms, becoming a truly purpose-driven company and supporting our people, we have been able to meet consumers where they are, and do good for all of our stakeholders.”
Results by brand demonstrate the success of the company’s premiumisation strategies, as the products grew at double-digit rates for the first half. Sales of On the Rocks premium cocktails increased four-fold.
The company fueled double-digit growth of ready-to-drink beverages through the launch of innovative new products, and launched a US-based partnership with Boston Beer Co., in July to further build strength in this important market segment. Investments to expand eCommerce capabilities further accelerated results.
“The strategic investments we’re making, and the powerful commitment of our people, are helping us build broad-based momentum, and I’m confident we will remain at the forefront of the recovery in our markets. Even with the challenges and uncertainty the pandemic still presents, we will continue to be guided by our proven strategy and values-based approach as we pursue our ambitious growth goals and sustainability targets,” concluded Baladi.
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