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J. Wray and Nephew sales decline $400-m in Q1

J. Wray and Nephew Limited has reported a 7.3 per cent decline in quarterly sales amid the ongoing coronavirus (COVID-19) pandemic.

(Photo: Campari Group)

The company said its sales fell €2.4 million (J$420 million) to €22.1 million for the three-month period ended March 31, when compared to the same period last year.

Jamaica recorded a decrease in sales of 7.3 per cent largely due to the closures in the on-premise channel and a sharp fall in tourist flows to the country amid the government’s travel restrictions.

Further, the impact was worsened by an unfavourable comparison base in the same period in the previous year, parent-company Campari shared in its recent financials.

The island’s sales accounted for 6.1 per cent of total sales in the Americas, second only to the United States which recorded €121.8 million, or roughly 34 per cent of sales in the Americas.

(Photo: Campari Group)

However, the Jamaican rums portfolio, which includes Appleton Estate and Wray & Nephew Overproof, recorded organic growth of 3.7 per cent in the period.

Overall, the Americas recorded a 0.9 per cent decline, somewhat offset by positive performance in the Group’s largest market, the United States, where sales increased 1.1 per cent.

A highlight of the period saw the February relaunch of the Appleton Estate brand in the Canadian market with a new packaging design that emphasises the brand’s premium characteristics.

(Photo: Campari Group)

Additionally, a new range of aged rum, Kingston 62, was launched in the Jamaican market only.

Relatedly, the Government of Jamaica on Monday announced a trial reopening of bars, with some restrictions, beginning May 19.

The two-week trial will see bars required to maintain social distancing protocols with no more than five people, including the bartender, inside at any given time. Seating arrangements must be made outside the bar and be six feet apart.

Further, no inside seating or games will be allowed. Windows and doors must be open and no events will be permitted. Proper sanitation protocols must be maintained.