Beam Suntory Net Sales Up 10%

Beam Suntory attributed a 10% gain in net sales in 2023's first half to "strong growth across premium and ready-to-drink brands.

“Our premiumization strategy and competitive advantage in Ready-to-Drink continue to deliver quality results for our business as we accelerate our work to transform our company and position ourselves as a truly global spirits leader,” said Albert Baladi, president/CEO. “Our geographic
diversity has benefitted us this year with strong performance in our Asia Pacific and International
regions, which has helped offset a challenging environment in North America.

"We are optimistic about the second half as we are starting to see signs of improvement in the U.S. market dynamics, and we remain committed to our long-term strategy to build a premium-plus portfolio that delivers value over volume.”

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 strong 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.

Sales in North America were flat in the first half owing to slowing consumer demand and category reset after Covid. Asia Pacific was up 16%, and international was up 10%, the company said.

Earning were not reported.