What happened?
We have received the latest Nielsen retail off-trade data for the Western European spirits industry, covering the four weeks to 20/04/2025 (''April''). Please let us know if you would like to see our detailed database for more comprehensive details on the performance by distiller, country.... etc.
BNPP Exane View:
Industry perspective
Note: We note that the latest 4 weeks from 23rd March to 20th April includes both the impact from cycling the earlier timing of Easter from 31st March 2024 and the majority of the sell-out ahead of Easter this year (Easter was on 20th April 2025). However, we do note the strong performance from Chocolate category (+62.4% vs. -22.9% last month), suggesting an Easter benefit in the latest data.
Overall spirits industry sales grew by +1.0% in the 4 weeks to 20th April, a sequential improvement from -5.8% declines in March and -0.9% in Q1, with the improvement driven by volumes (+0.2% vs. March -6.5%, Q1 -1.9%) while price/mix of +0.8% was unchanged sequentially. By market, the improved volumes were primarily led by GB and Germany, offsetting softer trends in Spain.
Company summary
Diageo off-trade spirits sales declined by -2.4% in the latest 4 weeks, compared to -6.6% in the prior period, with volumes declining by -4.0% (vs. March -9.1%, Q1 -1.7%), offset by price/mix (+1.6% vs. March +2.7%). By region, improved trends in GB were partially offset by softer volumes in the other tracked markets.
Pernod Ricard sales grew by +1.9% in April, an improvement from -8.7% in March and -0.7% in Q1, driven by volumes (+2.8% vs. March -11.1%, Q1 -1.2%) while price/mix moderated (-0.8% vs. March +2.7%). By region, Pernod''s improved volumes were led by Germany and France.
Campari''s sales grew by +10.2% in April, a sequential improvement from -8.3% in March, driven by a positive volume inflection (+12.0% vs. March -10.5%), while price/mix turned negative (-1.6% vs. March +2.4%). By market, Campari''s strong April growth was...
