Campari Feels Inflation Bite as Price Hikes Fail to Compensate

Davide Campari SpA shares fell after posting first-half earnings that slightly missed estimates as price hikes failed to fully offset inflation pressure. It confirmed guidance for flat profits for the full year in a volatile macroeconomic environment.

Shares in the beverages group fell as much as 6.6% in Milan, the most intraday since May 2022, and traded down 5% as of 12:23 p.m. local time. Adjusted earnings before interest and taxes were about €360 million ($398 million) in the first half, up almost 16% compared to the same period a year earlier but lower than Bloomberg-compiled analyst consensus of €365 million.