NEW YORK--(BUSINESS WIRE)--Beam Suntory, a world leader in premium spirits, today announced the company’s 2023 half year results, with net sales up 10% year on year and strong growth across premium and Ready-to-Drink (RTD) brands.
“Our premiumization strategy and competitive advantage in Ready-to-Drink continue to deliver quality results for our business as we accelerate our work to transform our company and position ourselves as a truly global spirits leader,” said Albert Baladi, President & CEO of Beam Suntory. “Our geographic diversity has benefitted us this year with strong performance in our Asia Pacific and International regions, which has helped offset a challenging environment in North America. We are optimistic about the second half as we are starting to see signs of improvement in the US market dynamics, and we remain committed to our long-term strategy to build a premium-plus portfolio that delivers value over volume.”
Global icons Jim Beam, Maker’s Mark and Roku delivered mid to high-single digit sales growth in the first half, and Japanese whiskies delivered double digit sales growth versus last year, driven by the House of Suntory’s 100 Year Anniversary and celebratory LTOs. Tequila was also a highlight with single digit sales growth from Hornitos and double- and triple-digit growth for Tres Generaciones and El Tesoro, respectively. Single Malt Scotch helped propel performance in Europe and Asia with Bowmore posting double digit growth and Laphroaig delivering strong mid-single digit sales growth versus last year. RTDs delivered double digit sales growth and continue to be a net growth contributor as the company expands its global leadership and footprint.
Asia Pacific delivered strong performance of 16% sales growth versus last year as the region rebounds post-COVID, and the International region saw solid 10% sales growth. This helped balance out a challenging market in North America, which was flat versus the first half last year as the business contends with a slowdown in consumer demand in the US and the category resets post-Covid.
Becoming the World’s Most Admired Premium Spirits Company
Beam Suntory continues to work toward our long-term ambition of becoming the World’s Most Admired Premium Spirits Company. With major investments behind brands, quality and innovation, the company has made several key announcements during the year, including:
- A major global program celebrating 100 Years of Japanese Whisky and the House of Suntory in partnership with Keanu Reeves and Sofia Coppola.
- The launch of Ardray, our first digital-first brand that celebrates the ultimate expression of Scotland’s whisky heritage captured through a Japanese lens.
- A minority investment in The House of Delola, created by Jennifer Lopez, in which Beam Suntory is also the global distribution partner.
- Growth in RTDs with the roll out of -196 in Australia and introduction of additional offerings to our On The Rocks line of premium cocktails.
- The introduction of new brands and LTOs from the James B. Beam Distilling Co., including Clermont Steep and Hardin’s Creek Kentucky Series.
- A strategic partnership with Mezcal Amaras, furthering our position in agave-based spirits.
- New global campaigns and positioning for Jim Beam and Maker’s Mark as we look to build these iconic brands around the world.
- Published our 2022 Sustainability Report showcasing key progress across our Proof Positive sustainability strategy.
In addition, the company announced in July that Greg Hughes will succeed Baladi as President & CEO of Beam Suntory on October 1, 2023, with Baladi serving as CEO Advisor through year-end. Hughes, who joined the company in 2015, previously led Beam Suntory’s North America business and currently serves as SVP & Chief Growth and Brands Officer. He will continue to execute the company’s long-term premiumization strategy and transformation. Baladi will remain engaged as Senior Advisor through 2024.
To learn more, visit beamsuntory.com.
ABOUT BEAM SUNTORY
As a world leader in premium spirits, Beam Suntory inspires the brilliance of life by delivering great consumer experiences through its world-class portfolio of brands. Known for its craftsmanship of premium whiskies, including Jim Beam®, Maker's Mark®, Basil Hayden® and Knob Creek® bourbons; Japanese whiskies, including Yamazaki®, Hakushu®, Hibiki® and Toki™; and leading Scotch brands including Teacher's, Laphroaig® and Bowmore®, Beam Suntory also produces leading brands such as Courvoisier® cognac, Tres Generaciones®, El Tesoro® and Hornitos® tequila, Roku™ and Sipsmith® gin, Canadian Club® whisky, and is a world leader in ready-to- drink cocktails, with brands like -196 and On The Rocks™ Premium Cocktails.
A global company with approximately 6,000 employees in more than 30 countries, one of Beam Suntory's core values is Growing for Good and through its Proof Positive sustainability strategy, the company has committed to ambitious goals and investments to promote environmental sustainability in its operations, ensure the company has a positive impact on the communities where employees live and work, and programs to educate and inform consumers to make the right personal choices about drinking. Headquartered in New York City, Beam Suntory is a subsidiary of Suntory Holdings Limited of Japan. For more information on Beam Suntory, its brands, and its commitment to social responsibility, please visit www.beamsuntory.com and www.drinksmart.com.
©2023 Beam Suntory, Inc. New York