JWN rum sales growth falters in 2023
RUM SALES by J. Wray & Nephew Limited, JWN, dipped slightly to €151 million last year, reflecting the first signs of pullback since the pandemic.
The fall-off amounted to around €900,000 in hard currency.
However, once translated to Jamaican currency, sales actually rose by more than two per cent to around $25 billion.
“Jamaica had a slight decline in sales in the fourth quarter but “grew overall by 2.4 per cent in the full year against a tough comparison base,” said parent company Campari Group. The yearly performance was led by sales of Magnum Tonic Wine, Appleton Estate and Wray & Nephew Overproof.
The ‘tough comparison base’ is a reference to the double-digit rise in sales since the pandemic. Rum sales dipped in 2020 with the onset of the pandemic to €91 million, from €108 million in 2019 but then climbed by 21 per cent in 2021 and 43 per cent in 2022.
JWN trades in its own brands, the top ones being Appleton Estate and Wray & Nephew, but it also markets the brands owned by its parent.
The wider Campari Group grew total sales by 8.2 per cent to €2.9 billion in 2023, with net profit totalling a flat €332.5 million year on year.
The Jamaican operation performed the second-worst of Campari’s major markets: Germany rose 23 per cent, United Kingdom 17 per cent, France 13 per cent, United States 9.0 per cent, Italy 5.5 per cent, and Jamaica 2.4 per cent; while Australia fell by 1.4 per cent.
Campari Group is bullish on business in 2024, saying it expects “continued industry outperformance” as macro conditions normalise.