Beam Suntory Expects Sales To Improve In Second Half Of 2020
Maker of Jim Beam bourbon and Courvoisier cognac Beam Suntory expects its sales in the second half of this year to be better than they were in the first, when pandemic lockdowns curbed drinking around the world, its chief executive told Reuters.
Beam is hoping that sales will be "flat, if not slightly positive in the second half potentially," Albert Baladi said, while cautioning that "it's early days and it's a very, very volatile environment."
The company, which is a unit of Japan's Suntory Holdings, posted a 3% sales decline in the first half. Baladi said that July sales were up by a high single-digit rate, with gradual improvements in various parts of the world.
On The Rocks Acquisition
Baladi's comments followed a company announcement that it has acquired On The Rocks, which is a US brand of ready-made cocktails.