Due to high pricing and despite supply limitations, Italian spirits company Campari (CPRI.MI) announced a 9.6% growth in fourth-quarter like-for-like sales on Tuesday.

The company that produces Aperol and Campari bitters said that overall net sales in 2022 increased organically by 16.4% to 2.7 billion euros ($2.9 billion).

Campari CEO Bob Kunze-Concewitz stated, “In a difficult 2022, we continued to make great progress in implementing our long-term development plan concentrating on sustainable brand expansion and portfolio enhancement via strategic acquisitions.

Despite some signs of improvement, he continued, “the overall macro environment for inflation remains hard; yet, we are confident of sustaining the present operating margin on sales at the organic level.”

To increase overall production capacity in the main aperitifs, bourbon, and tequila categories, Campari stated that it was confident in the strength of the future demand and planned significant medium-term supply chain investments.

The firm, which has recently benefited from the craze for orange Aperol spritz cocktails, reported that 46% of its sales were made in the Americas, with the United States being its biggest market.

On a like-for-like basis, adjusted operating profit increased by 7.6% in the most recent quarter, with positive pricing measures nearly completely offsetting input cost inflation. On the same premise, it increased by 19% in a single year.

In line with the prior year, Campari recommends a full-year dividend of 0.06 euros per share.

($1 = 0.9384 euros)