Campari drops 2% as Danish rival Royal Unibrew cuts outlook

Royal Unibrew A/S

19/10/2022 09:25

** Shares in Italy's Campari  CPRI.MI  drop more than 2%
after Danish rival Royal Unibrew  RBREW.CO  cut its full year
outlook for operating profit by around 10% on Tuesday
    ** The Danish brewery cites high inflation among the reasons
for cutting its full-year estimate, as current inflationary
pressure squeeze short-term margins and create a tougher pricing
environment across the business
    ** Royal Unibrew's results have a negative impact on Campari
as the shares in the Danish company, which is a rival of the
Italian drinks group, are down more than 11%, a Milan-based
trader say
    ** Campari will releases its results on October 27
    **At 0819 GMT shares in Campari are down 1.9%,
underperforming Italy's blue-chip index  .FTMIB  which falls
0.3%
 (Carlo Giovanni Boffa and Giancarlo Navach)
 ((Carlogiovanni.boffa@thomsonreuters.com))