MILAN (Reuters) -Shares in Campari fell nearly 6% on Friday with several traders and analysts citing comments by the Italian spirits group’s chief executive, describing the current quarter as “still quite soft” for the industry.
Campari said that what Campari CEO Matteo Fantacchiotti told a virtual event organized by Bank of America concerned “the sector’s general trends” in the United States, and some weakness “persisting slightly longer than expected.”
The same picture is apparent from “publicly available Nielsen sell-out data … for the industry,” Campari said, adding there was “nothing specifically related to Campari.”
Traders in Milan who were briefed about the contents of the conference, said Fantacchiotti also spoke of a poor performance of the market in China, which however accounts for only a small portion of Campari’s revenues.
Shares in Campari closed down 5.6%. In Europe, Diageo fell 1.6%, Pernod Ricard 2.4%, Remy Cointreau 1.4%.
(Reporting by Elisa Anzolin and Giancarlo Navach; Editing by Valentina Za)
