Wray & Nephew annual sales surpass $25b
Rum sales by J. Wray & Nephew Limited, JWN, are on a high, rising to EUR159.1 million ($25.6 billion) last year.
The 43 per cent jump in calendar 2022 sales for the Jamaican operation beat out major markets in the Campari Group.
Jamaicans found comfort in imbibing at home, but the revived entertainment industry also led to growth in consumption at traditional drinking spots.
“The performance was largely driven by core Italy, the US, Brazil and Jamaica, as the brand continues to benefit from the resilient at-home mixology trend and continued health in the on-premise segment,” Campari said at the release of its earnings report.
JWN’s sales performance has not only recovered but also vaulted well beyond its pre-pandemic performance. In 2019, sales revenue amounted to EUR108 million, but in the apex year of the pandemic, inflows dropped to EUR90.9 million in 2020. Sales mostly recovered in 2021 when revenue climbed to EUR106.1 million, but 2022 cemented those gains and built on them.
But as to how profitable JWN is for the Italian spirits company, those numbers are not disclosed by Campari Group. JWN trades in its own brands, including Appleton Estate and Wray & Nephew, but it also markets the brands owned by its parent.
Within the Campari Group, sales grew by 24 per cent overall to EUR2.7 billion.
The Jamaican operation, headed by Managing Director Jean-Phillipe Beyer, outranked all other markets with sales growth of 43 per cent; followed by the United States, 28 per cent; Germany, 19 per cent; France, 18 per cent; 15 per cent in the United Kingdom and Australia; and 11 per cent in Italy.
“Compared with the pre-pandemic period, our net sales grew by 40 per cent organically thanks to strong brand health, pricing as well as enhanced commercial capabilities driving strong consumer demand,” Campari Group CEO Bob Kunze-Concewitz in the preface to the financials. “Looking ahead into 2023, we remain confident about the positive business momentum across key brands and markets thanks to strong brand equity, in particular aperitifs. We will continue to leverage adequate price opportunities in specialities as well as portfolio premiumisation in brown spirits,” he said.
However, when matched against 2019 sales, although Jamaica’s sales growth still beat many of the key markets, it had the third best results.
Over the three years, France recorded the highest growth in sales at 133 per cent; followed by the UK, 70 per cent; Jamaica, 44 per cent; the US, 39 per cent; Germany, 38 per cent; Australia, 32 per cent; and Italy, 30 per cent.
The Jamaican rum portfolio, made up of Wray & Nephew white rum and Appleton premium rums, grew 15.5 per cent overall against a tough comparison base, mainly thanks to consumption in Jamaica, the UK, Mexico and New Zealand, the company stated.
In Jamaica, sales of the bitter Campari drink increased 37.6 per cent relative to 2021. But compared to three years prior, it’s only up 12 per cent, which made it the fourth fastest-growing market for the drink in the group.
Sales for Magnum tonic wine were “flattish” due to continued product availability constraints. JWN has publicly indicated previously that shipping and supply logistics issues have affected its ability to source sufficient bottles and covers for key products.