Marie Brizard Wine & Spirits Q1 2022 Net Sales
Charenton-le-Pont, 28 April 2022
Q1 2022 Net
Sales
Q1 2022 Net
Sales totalled €40.6 million, up 5.2% compared
with Q1 2021(particularly over the first two
months of the year)
-
Performance maintained in France at the start of 2022,
despite an overall slowdown in the spirits market (sales growth of
4% compared with 2021), benefiting notably from:
- good on-trade activity which was
penalised by COVID measures in 2021;
- a lesser decline in William Peel
sales compared with the competition and moderate growth for the
other brands in the portfolio (particularly Marie Brizard).
- Sustained
recovery in international sales (up 6.3% compared with
Q1 2021), varying according to
the region:
- recovery in Europe compared with
2021 (health restrictions) despite the Russian-Ukrainian conflict
which has resulted in limited loss of Net Sales for the
moment;
- slowdown of Sobieski sales in the
United States in a still competitive environment in the Vodka
category;
- significant growth of our strategic
brands in Asia-Pacific (mainly in Korea, Taiwan, Japan), a region
that is still growing.
- a pricing policy that anticipated
certain increases in raw material costs.
NB: All revenue growth figures mentioned in this
press release are at constant scope and exchange rates, unless
otherwise stated.
Marie Brizard
Wine & Spirits (Euronext: MBWS) today
announces its unaudited Net Sales for the first quarter of 2022,
covering the period from 1 January to 31 March 2022.
Q1 2022 Net
Sales
in
€m |
31 March 2021 |
Like-for-like change |
Currency impact |
31 March 2022 |
Like-for-like change(excl. currency
impact) |
Reported growth (incl. currency impact) |
France |
19.1 |
0.8 |
- |
19.9 |
4.0% |
4.0% |
International |
19.3 |
1.2 |
0.2 |
20.7 |
6.3% |
7.4% |
TOTAL MBWS GROUP |
38.4 |
2.0 |
0.2 |
40.6 |
5.2% |
5.7% |
France cluster
In Q1 2022, the Net Sales of the France
cluster reached €19.9 million, up 4.0% compared with the first
quarter of 2021, due notably to the strong recovery in on-trade
activity, as well as resilient sales among major retailers
(off-trade) due to a favourable mix and a reduction in promotional
activity, in particular regarding the Paddy brand.
The Group’s main brands posted positive
performances in the early part of 2022, notably again Marie Brizard
and San José. Other brands, such as Sobieski, are making good
progress in the on-trade segment. Against the backdrop of a sharp
slowdown in sales in the market for under-12-year blended whisky
(down 7.0%), it can be noted a limited drop for William Peel (down
3.7%) in Q1 2022 compared with the same period in 2021, thanks
in particular to the listing in the second half of 2021 with a new
distribution player, which allowed the brand to solidfy its market
share.
This positive quarter-on-quarter change in sales
for the France cluster should be seen against the highly disruptive
background of disruption in the raw material supply chain since the
beginning of March, particularly since the outbreak of the
Russian-Ukrainian conflict, and the significant price rises
(especially for glassware during April), leading to the risk of
allocations based on the volumes available.
International cluster
The Q1 2022 Net Sales of the International
cluster amounted to €20.7 million, up 6.3% at constant exchange
rates compared with Q1 2021.
In Western Europe, on top of the end of
COVID-related health restrictions, trading in early 2022 continued
to reflect a strong recovery in the United Kingdom (after a near
complete shutdown for the same period in 2021), with good gains for
the Marie Brizard brand (by value and portfolio weight).
In the Middle East, there was good development
of the Marie Brizard brand in the syrups category, an activity that
is expected to grow.
Spain reported a 2% decline in Net Sales, driven
by strong growth in on-trade brand sales (particularly for Marie
Brizard), cross-border sales (William Peel), a proactive pricing
policy but also a decrease in sales of the subcontracting activity,
mainly due to difficulties in the supply of bottles.
Scandinavia (following the lifting of
COVID-related restrictions at the end of January) saw its Net Sales
increase very significantly from a low volume base.
Q1 2022 Net Sales in the Baltic countries
were impacted negatively by a mechanical effect of customer
overstocking at the end of 2021 in anticipation of the increase in
excise duties, the sharp rise in energy prices, as well as the
immediate consequences of the war in Ukraine on exports to Russia
and Belarus (not significant at overall Group level). These
declines were partially compensated by a proactive pricing
policy.
Bulgaria reported strong growth across its
entire brand portfolio of spirits and wines in Q1 2022, both
in its domestic market and for export (Greece, Turkey, Hungary,
etc.), together with sustained subcontracting activity for
Romania.
In Poland, sales of our brands enjoyed
significant growth thanks to a fine performance by Cognac Gautier,
the development of Marie Brizard liqueurs and stable sales of
William Peel.
In the United States, Q1 2022 Net Sales
were down year on year. Q1 2022 remained marked by a slowdown
in Sobieski sales due to the evolution of the Vodka category.
These unfavourable effects were only partially
offset by the good performance of the Marie Brizard and Cognac
Gautier brands.
Canada, on the other hand, was the main
contributor to the growth in Net Sales of the Direct Export
business during the quarter.
Brazil experienced a significant decline in Net
Sales compared with 2021, for all brands except Marie Brizard. The
price increase applied to the entire portfolio helps to limit the
decline observed.
In the Asia-Pacific region, Q1 2022 Net
Sales were driven by good performance in Korea, Taiwan and Japan,
despite the absence of sales in the Chinese market.
OutlookAs already indicated in
the press release on the 2021 annual results (issued on 14 April),
and as described above, MBWS Group, like other players in the wine
and spirits sector, is regularly facing supply chain pressures
relating to the periodic unavailability of certain raw materials
and dry goods, a sequence that started with the easing of Covid
restrictions and continued during the first quarter of 2022.
Sharp increases in purchasing costs have already
been noted at the end of 2021, particularly for glassware following
the disorganisation of this sector after the Covid pandemic. The
Group therefore already implemented price increases at the
beginning of the year.
However, since the beginning of April and
following the events in Ukraine, the immediate and significant
additional increases in raw material prices are potentially higher
than the capacity to pass on prices downstream to distribution and
customer partners.
Combined with the volatile availability of
suppliers' production, these impacts could have negative effects on
the Group's ability to supply all its customers (in France and
internationally), and on the elasticity of consumer demand, notably
given the need for the Group to adapt its commercial policies to
this new context.
This environment requires the Group to adopt a
cautious view about commercial activity in the coming months and
perhaps more particularly in the second half if there has not been
a satisfactory settlement of the Russian-Ukrainian conflict by then
and if its disruptive consequences persist.
Financial calendar
- General Meeting: 30
June 2022
- H1 2022 revenues:
28 July 2022
Investor
relations and shareholders MBWS
GroupEmilie Drexleremilie.drexler@mbws.comTél : +33 1
43 91 62 21 |
MediaImage Sept Claire Doligez -
Laurence Maurycdoligez@image7.fr – lmaury@image7.frTél : +33 1 53
70 74 70 |
About Marie Brizard
Wine & Spirits
Marie Brizard Wine & Spirits is a Group of
wines and spirits based in Europe and the United States. Marie
Brizard Wine & Spirits stands out for its expertise, a
combination of brands with a long tradition and a resolutely
innovative spirit. Since the birth of the Maison Marie Brizard in
1755, the Marie Brizard Wine & Spirits Group has developed its
brands in a spirit of modernity while respecting its origins.Marie
Brizard Wine & Spirits' commitment is to offer its customers
brands of confidence, daring and full of flavours and experiences.
The Group now has a rich portfolio of leading brands in their
market segments, including William Peel, Sobieski, Marie Brizard
and Cognac Gautier.Marie Brizard Wine & Spirits is listed on
Compartment B of Euronext Paris (FR0000060873 - MBWS) and is part
of the EnterNext PEA-PME150 index.
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