Beam Suntory reports net sales rose 10.5% in 2022 from a year earlier and 24% from the pre-pandemic year of 2019.
Premium brands grew 15% in 2022, and now represent more than half of the company’s Full Bottle Spirits sales for the first time ever. Ready-to Drink (RTD) brand sales grew 16% driven by performance in Japan, Australia and the US.
“The quality of these results is clear and reflects our strategy to premiumize our spirits portfolio, build RTD leadership, and focus on value over volume,” said Albert Baladi, president/CEO. “We delivered these results despite significant challenges including supply chain disruptions, record inflationary pressures, our withdrawal from Russia, and restrictive COVID policies in China.”
The more expensive the Bourbon brand, the greater the growth. Jim Beam grew at a single-digit rate, Maker’s Mark grew 11% and Basil Hayden surged 40%. Furthermore, Roku, Hibiki, Yamazaki, Bowmore, Knob Creek, Tres Generaciones and Hornitos all delivered impressive double-digit sales gains.
An established leader in the RTD segment in Japan, Beam Suntory is focused on expanding its leadership and expertise in RTDs to high growth markets. On-The-Rocks nearly doubled in sales in the U.S., and -196 RTD saw explosive growth in Australia, with the core brands of Canadian Club & Dry and Jim Beam RTD delivering double-digit growth.
North American sales were up 8% from 2021 despite softening market conditions in the U.S. Canada and Mexico sale double-digit growth.