Apologies for delay in sending this month''s update (the data was released on Friday 11th July, while I was away marketing in the US).
What happened?
We have received the latest Nielsen retail off-trade data for the Western European spirits industry, covering the four weeks to 15/06/2025 (''May/June''). 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
Overall spirits industry sales declined by -1.8% in the 4 weeks to 15th June, a sequential improvement from the -8.8% decline last month to leave QTD at -2.9% (cf. Q1 -0.9%). Off-trade volumes declined -2.6% in the month (cf. -9.4% in the prior 4 weeks) to leave QTD at -4.0% (cf. Q1 -2.0%). Industry price/mix moderated to +0.9% to leave QTD at +1.1% (cf. Q1 +1.1%). By market, we note industry retail sales were in decline in the month across major markets except for France (+2.2%).
Company summary
Diageo off-trade spirits sales declined by -4.3% in the latest 4 weeks to leave QTD at -5.6% (cf. Q1 +0.1%). Volumes remained in material decline (-8.4%) to leave QTD at -8.7% (cf. Q1 -1.7%) while price / mix remained well above the industry at +4.5% to leave QTD at +3.5% (cf. Q1 +1.8%). By market we note Diageo volumes were weak in Germany (-27.7%) and the UK (-6.3%) but grew in France (+2.7%) and Italy (+7.9%).
Pernod Ricard sales grew +5.2% in the latest 4 weeks to leave QTD at +0.1% (cf. Q1 -0.7%). Pernod Ricard''s off-trade volumes grew +5.9% to leave QTD at +0.4% (cf. Q1 -1.3%). Pernod Ricard''s outperformance of the industry was driven by strength in France (sales +7.2% with Ricard brand sales +10.3%) and Germany (sales +8.9%).
Campari''s sales declined by -0.6% in the latest 4 weeks to leave QTD flat (cf. Q1 +1.4%). Campari''s off-trade volumes grew -2.4% to leave QTD at -0.4% (cf. Q1 +1.1%). By market we note that strong retail sales growth in France (+11.4%) and the UK...
