Strong Kilbeggan whiskey sales boost Beam turnover
ILLINOIS-BASED spirits group Beam Inc, which acquired Cooley Distillery earlier this year for $95 million (€72 million), has reported an 8 per cent increase in net sales for the third quarter of 2012, with sales of the former Cooley whiskey brand Kilbeggan soaring 31 per cent.
Beam counts Kilbeggan among the “rising stars” in its portfolio.
The New York Stock Exchange-listed company’s “power brands” include Jim Beam bourbon whiskey, Courvoisier cognac and Teacher’s scotch whisky and it has a number two position in the US spirits market.
The group, which secured net sales of $628 million in the third quarter, reaffirmed that it was on track to meet its full-year earnings target.
“One year after becoming a pure-play spirits company, Beam is creating value with a stronger brand portfolio, a stronger industry position, and stronger earnings growth,” said Beam chief executive Matt Shattock.
In March, Mr Shattock said Beam’s investment in Cooley would be “significant”.