What Determines The Value Of A Cask?
• Age. As the spirit needs to mature in the cask for a minimum of three years, even the youngest casks on the market already store value. However, this value increases exponentially with every year that the spirit remains in the cask. It’s calculated that the value of a whisky cask doubles every 5 years. When casks reach 15 years, their value tends to accelerate even more quickly.
• Supply. Whisky casks respond to the classic dynamic of market-driven growth: demand outstrips supply. Put simply, there is not enough whisky produced in Scotland to quench the thirst of an increasingly global market. This situation has a significant impact at the beginning of the value chain: the casks that will eventually end up in bottles around the world.
• Origin. Perhaps the most important factor is where the cask comes from. Like wine with its terroir, whisky is a product that is intimately connected to the land that produces it. Scotland currently has around 300 distilleries producing the golden liquid, each of them defined by their own history and whisky making traditions. Inevitably, when talking about a manufacturing process that mixes industrial know-how with artisan techniques, some of these distilleries have built stronger reputations than others. As in all free markets, there are ‘winners’: those are the distilleries that have built a reputation for excellence. Their casks are sold at a premium.
• Rarity. Not all casks are created equal. It’s commonly said that without wood, there would be no whisky, which is another way of saying that the cask is the secret to the spirit inside. During the early years of the 19th Century huge amounts of sherry was imported from Spain in wooden casks. One day a distiller decided to recycle one of those casks to mature his spirit and, almost accidentally, he created the perfect whisky. Nowadays distilleries struggle to secure enough ex-sherry casks to create their distinctive spirit, even going so far as manufacturing and treating their own Sherry Casks in Jerez, Spain. There are many different casks available, but a good rule of thumb is that those that once contained sherry are more valuable.
• Age. As the spirit needs to mature in the cask for a minimum of three years, even the youngest casks on the market already store value. However, this value increases exponentially with every year that the spirit remains in the cask. It’s calculated that the value of a whisky cask doubles every 5 years. When casks reach 15 years, their value tends to accelerate even more quickly.
• Supply. Whisky casks respond to the classic dynamic of market-driven growth: demand outstrips supply. Put simply, there is not enough whisky produced in Scotland to quench the thirst of an increasingly global market. This situation has a significant impact at the beginning of the value chain: the casks that will eventually end up in bottles around the world.
• Origin. Perhaps the most important factor is where the cask comes from. Like wine with its terroir, whisky is a product that is intimately connected to the land that produces it. Scotland currently has around 300 distilleries producing the golden liquid, each of them defined by their own history and whisky making traditions. Inevitably, when talking about a manufacturing process that mixes industrial know-how with artisan techniques, some of these distilleries have built stronger reputations than others. As in all free markets, there are ‘winners’: those are the distilleries that have built a reputation for excellence. Their casks are sold at a premium.
• Rarity. Not all casks are created equal. It’s commonly said that without wood, there would be no whisky, which is another way of saying that the cask is the secret to the spirit inside. During the early years of the 19th Century huge amounts of sherry was imported from Spain in wooden casks. One day a distiller decided to recycle one of those casks to mature his spirit and, almost accidentally, he created the perfect whisky. Nowadays distilleries struggle to secure enough ex-sherry casks to create their distinctive spirit, even going so far as manufacturing and treating their own Sherry Casks in Jerez, Spain. There are many different casks available, but a good rule of thumb is that those that once contained sherry are more valuable.
There is an enormous range of casks available to investors at diverse prices. From simple, New Make Casks from lesser known distilleries, available from as little as £2000, to highly prized, decades-old Blue-Chip casks from renowned distilleries that can easily fetch six-figure prices.
But, as in all markets, price is a complex determination of value based on both subjective and objective factors.
But, as in all markets, price is a complex determination of value based on both subjective and objective factors.
The sky’s the limit when it comes to the price of the rarest casks of liquid gold. In 2019 a 30-year old cask of The Maccallan was sold by Bonhmans in Hong Kong at auction for $572,000, an eye-popping amount for an ex-sherry hogshead of single malt. These ‘super sales’ are just a symptom of a market that is booming, with casks of rare single malt becoming one of the most coveted assets for investors looking to protect their wealth in a volatile market.
Before the great whisky boom of the 1980s, Scotland’s distilleries often struggled to make ends meet due to the economic challenges of manufacturing a product that takes years to come to market. Releasing casks for sale was a good way to generate the income they needed for their day-to-day operations. However, as whisky started to become the tipple of choice in a growing economy, stock began to struggle to keep up with demand and it was no longer in the distilleries’ interest to sell their casks on the open market.
The Macallan, which many regard as Scotland’s premier whisky brand, stopped releasing its casks at the end of the 1990s. They were soon followed by other prestigious distilleries like Dalmore and Laphroaig, who decided to hold on to their precious stock. Consequently, the most prized casks were soon all in the hands of private collectors, making them extremely rare, and therefore significantly more valuable.
There is now a finite amount of premium whisky casks sitting in warehouses throughout Scotland, and every time one of them is bottled, there are even fewer. Eventually, there won’t be any left at all on the private market. This inherent rarity is priced into the value of every older cask, making them one of the most tantalizing and exciting investment opportunities available anywhere.
Investors are increasingly aware of the scarcity and value of whisky casks from the top distilleries, which continue to perform at a rate unmatched by any other traditional asset.
The Macallan, which many regard as Scotland’s premier whisky brand, stopped releasing its casks at the end of the 1990s. They were soon followed by other prestigious distilleries like Dalmore and Laphroaig, who decided to hold on to their precious stock. Consequently, the most prized casks were soon all in the hands of private collectors, making them extremely rare, and therefore significantly more valuable.
There is now a finite amount of premium whisky casks sitting in warehouses throughout Scotland, and every time one of them is bottled, there are even fewer. Eventually, there won’t be any left at all on the private market. This inherent rarity is priced into the value of every older cask, making them one of the most tantalizing and exciting investment opportunities available anywhere.
Investors are increasingly aware of the scarcity and value of whisky casks from the top distilleries, which continue to perform at a rate unmatched by any other traditional asset.
How Can I Get My Hands On A Rare Cask?
Luckily, there are still ways to get your hands on the rarest of casks. We have a unique approach in the world of whisky cask investment: instead of making deals with smaller distilleries to market their casks, we focus exclusively on the dynamic secondary cask market, using our unparalleled contacts and a propriety algorithm to access a wide range of casks from private investors, including some of the rarest and most highly prized casks on the market.
And, every now and then, we are privileged to help an investor purchase the gold standard of whisky casks: a Macallan.
Luckily, there are still ways to get your hands on the rarest of casks. We have a unique approach in the world of whisky cask investment: instead of making deals with smaller distilleries to market their casks, we focus exclusively on the dynamic secondary cask market, using our unparalleled contacts and a propriety algorithm to access a wide range of casks from private investors, including some of the rarest and most highly prized casks on the market.
And, every now and then, we are privileged to help an investor purchase the gold standard of whisky casks: a Macallan.
Bladnoch whisky distillery: From zero production to full capacity
About five years ago the stills at Scotland's most southerly whisky distillery were only just coming back to life.
Following a buyout by Australian entrepreneur David Prior, Bladnoch had not produced any new whisky for nearly a decade.
It is now operating 24 hours a day, seven days a week.
Output has reached 1.5m litres per year, making it one of the country's biggest independent producers.
Head of Commercials Will Pitchforth joined operations just as the stills were being turned back on at the site near Wigtown on the very south west tip of Scotland.
"When we completed the deal it hadn't made whisky since 2009," he said.
"We launched three whiskies from the stock that came with the distillery in 2017 but all of that was distilled by the previous generations.
"The stills didn't start up until the middle of 2017."
Then, of course, there was more time to be waited as whisky needs to be matured for at least three years - most of it left for much longer.
In the meantime, there was the small matter of a pandemic beginning in 2020 which Mr Pitchforth said was a "turning point" for the business.
"For a couple of weeks we were running at half capacity and then we said: 'Let's turn this to full capacity'," he said.
"It was the best decision we ever made.
He said the move was one which would bear fruit about a decade down the line.
"In 10 years' time there will be a gap of whisky that wasn't produced," he said.
"We are producing the maximum amount of whisky we possibly can - 1.5 million litres per year."
About 70 miles away, the Annandale Distillery was reopened in 2014 following a £10.5m upgrade and produced its first single malt in nearly a century in 2017.
The following year, the first whisky distillery in the Borders in more than 180 years opened to the public in Hawick.
Mr Pitchforth said a "trail" across the south of the country was starting to take shape.
"We believe that there is growing interest in a whisky destination in the Lowlands."
As for the distillery in Galloway, it is now a matter of extending its reputation as far afield as possible.
"We can't make any more whisky at the distillery," said Mr Pitchforth.
"That next level for us is growing the business of Bladnoch - and taking it to the world."
Repost from https://www.bbc.com/news/
About five years ago the stills at Scotland's most southerly whisky distillery were only just coming back to life.
Following a buyout by Australian entrepreneur David Prior, Bladnoch had not produced any new whisky for nearly a decade.
It is now operating 24 hours a day, seven days a week.
Output has reached 1.5m litres per year, making it one of the country's biggest independent producers.
Head of Commercials Will Pitchforth joined operations just as the stills were being turned back on at the site near Wigtown on the very south west tip of Scotland.
"When we completed the deal it hadn't made whisky since 2009," he said.
"We launched three whiskies from the stock that came with the distillery in 2017 but all of that was distilled by the previous generations.
"The stills didn't start up until the middle of 2017."
Then, of course, there was more time to be waited as whisky needs to be matured for at least three years - most of it left for much longer.
In the meantime, there was the small matter of a pandemic beginning in 2020 which Mr Pitchforth said was a "turning point" for the business.
"For a couple of weeks we were running at half capacity and then we said: 'Let's turn this to full capacity'," he said.
"It was the best decision we ever made.
He said the move was one which would bear fruit about a decade down the line.
"In 10 years' time there will be a gap of whisky that wasn't produced," he said.
"We are producing the maximum amount of whisky we possibly can - 1.5 million litres per year."
About 70 miles away, the Annandale Distillery was reopened in 2014 following a £10.5m upgrade and produced its first single malt in nearly a century in 2017.
The following year, the first whisky distillery in the Borders in more than 180 years opened to the public in Hawick.
Mr Pitchforth said a "trail" across the south of the country was starting to take shape.
"We believe that there is growing interest in a whisky destination in the Lowlands."
As for the distillery in Galloway, it is now a matter of extending its reputation as far afield as possible.
"We can't make any more whisky at the distillery," said Mr Pitchforth.
"That next level for us is growing the business of Bladnoch - and taking it to the world."
Repost from https://www.bbc.com/news/
Whisky Auction Report March 2022
In March, we had seen a total of 16 auctions conclude, totalling €14,746,424 across the industry. We change the pricing from the original currency (mainly £) to € for consistency, and all prices will be in euros from now on.
Overall, sales volume is up 7.6% from February, when it was €13.7 million. This is also comparable to what occurred last year.
Auction Site / Gross Sales / Lots Sold
Catawiki / €968,140 / 4,415
Celtic Whiskey Auctions / €39,537 / 113
Irish Whiskey Auctions / €386,995 / 1,092
Just Whisky Auctions / €940,423 / 977
Scotch Whisky Auctions / €2,885,072 / 9,021
Speyside Whisky Auctions / €201,272 / 668
The Grand Whisky Auction / €787,289 / 2,054
Unicorn Auctions / €954,594 / 3,198
Whiskey Bidders / €109,453 / 444
Whisky Auctioneer / €4,421,133 / 8,434
Whisky Bull Auctions / €23,354 / 59
Whisky Hammer / €1,316,349 / 2,417
Whisky-Online Auction / €250,264 / 664
Whisky.Auction / €364,751 / 1,165
WhiskyAuction / €1,021,714 / 5,575
WVA Whisky Auctions / €76,084 / 376
€14,746,424 / 40,672
The average lot price across all sites was €374, with some higher averages per auction exceeding €525 and lower averages below €185, indicating a fair mix of client purchasing power and auction reach among the various auction sites.
In March, we had seen a total of 16 auctions conclude, totalling €14,746,424 across the industry. We change the pricing from the original currency (mainly £) to € for consistency, and all prices will be in euros from now on.
Overall, sales volume is up 7.6% from February, when it was €13.7 million. This is also comparable to what occurred last year.
Auction Site / Gross Sales / Lots Sold
Catawiki / €968,140 / 4,415
Celtic Whiskey Auctions / €39,537 / 113
Irish Whiskey Auctions / €386,995 / 1,092
Just Whisky Auctions / €940,423 / 977
Scotch Whisky Auctions / €2,885,072 / 9,021
Speyside Whisky Auctions / €201,272 / 668
The Grand Whisky Auction / €787,289 / 2,054
Unicorn Auctions / €954,594 / 3,198
Whiskey Bidders / €109,453 / 444
Whisky Auctioneer / €4,421,133 / 8,434
Whisky Bull Auctions / €23,354 / 59
Whisky Hammer / €1,316,349 / 2,417
Whisky-Online Auction / €250,264 / 664
Whisky.Auction / €364,751 / 1,165
WhiskyAuction / €1,021,714 / 5,575
WVA Whisky Auctions / €76,084 / 376
€14,746,424 / 40,672
The average lot price across all sites was €374, with some higher averages per auction exceeding €525 and lower averages below €185, indicating a fair mix of client purchasing power and auction reach among the various auction sites.
Macallan Whisky Cask Could Break Auction Records After Owner Forgot It At The Distillery 30 Years Ago
A rare cask of whisky that was left in a Scottish distillery’s warehouse for more than 30 years after its owner forgot to take it home could set a record this week for the most expensive whisky cask ever sold at auction by price per bottle.
• A buyer paid the famed Macallan distillery in Moray, Scotland, about $6,500 to fill the 374-liter cask of single malt Scotch in May 1988, according to Whisky Hammer, the online portal brokering the auction.
• However, the whisky’s owner—described only as an expatriate in Scotland—forgot to pick it up and accidentally left it to mature for 34 years at Macallan’s warehouse in bond before the distillery called to remind them, according to the Press Association.
• The whisky went up for sale Friday and has already reached a high bid of about $619,878, exceeding the $572,000 paid for a 1989 Macallan sherry hogshead cask in 2020, which is the most expensive per-bottle whisky cask ever sold at auction.
• However, the 1989 cask could yield only 261 bottles, which drove its per-bottle price up to a record of about $2,200, while the 1988 Macallan cask currently up for auction yields about 534 bottles and would have to sell for more than roughly $1,174,800 by the time bidding ends Sunday to surpass that record.
• The 1988 Macallan is described as having notes of salted caramel, and orange marmalade on the nose and a palate of rich spices with a finish of honeycomb and sweet orchard fruits, according to the tasting notes.
The cask won’t be able to stay at The Macallan this time. The auction listing notes that as a condition of the sale, the distillery requires the buyer to move the whisky from its warehouse by June 10.
BIG NUMBER
$1,873,951. That’s how much the most expensive bottle of whisky ever sold at auction—Macallan 1926—fetched in 2019.
Founded in 1824, The Macallan is one of the oldest distilleries in Scotland, and its bottles are among the most coveted by collectors. In February, Macallan released a rare 81-year-old single malt whisky, its oldest to date. Each decanter (of which only 288 were listed worldwide) has a suggested retail price of $125,000.
https://www.forbes.com/sites/carlieporterfield/2022/04/21/macallan-whisky-cask-could-break-auction-records-after-owner-forgot-it-at-the-distillery-30-years-ago/?utm_campaign=socialflowForbesMainFB&utm_medium=social&utm_source=ForbesMainFacebook&sh=452c0961334e
A rare cask of whisky that was left in a Scottish distillery’s warehouse for more than 30 years after its owner forgot to take it home could set a record this week for the most expensive whisky cask ever sold at auction by price per bottle.
• A buyer paid the famed Macallan distillery in Moray, Scotland, about $6,500 to fill the 374-liter cask of single malt Scotch in May 1988, according to Whisky Hammer, the online portal brokering the auction.
• However, the whisky’s owner—described only as an expatriate in Scotland—forgot to pick it up and accidentally left it to mature for 34 years at Macallan’s warehouse in bond before the distillery called to remind them, according to the Press Association.
• The whisky went up for sale Friday and has already reached a high bid of about $619,878, exceeding the $572,000 paid for a 1989 Macallan sherry hogshead cask in 2020, which is the most expensive per-bottle whisky cask ever sold at auction.
• However, the 1989 cask could yield only 261 bottles, which drove its per-bottle price up to a record of about $2,200, while the 1988 Macallan cask currently up for auction yields about 534 bottles and would have to sell for more than roughly $1,174,800 by the time bidding ends Sunday to surpass that record.
• The 1988 Macallan is described as having notes of salted caramel, and orange marmalade on the nose and a palate of rich spices with a finish of honeycomb and sweet orchard fruits, according to the tasting notes.
The cask won’t be able to stay at The Macallan this time. The auction listing notes that as a condition of the sale, the distillery requires the buyer to move the whisky from its warehouse by June 10.
BIG NUMBER
$1,873,951. That’s how much the most expensive bottle of whisky ever sold at auction—Macallan 1926—fetched in 2019.
Founded in 1824, The Macallan is one of the oldest distilleries in Scotland, and its bottles are among the most coveted by collectors. In February, Macallan released a rare 81-year-old single malt whisky, its oldest to date. Each decanter (of which only 288 were listed worldwide) has a suggested retail price of $125,000.
https://www.forbes.com/sites/carlieporterfield/2022/04/21/macallan-whisky-cask-could-break-auction-records-after-owner-forgot-it-at-the-distillery-30-years-ago/?utm_campaign=socialflowForbesMainFB&utm_medium=social&utm_source=ForbesMainFacebook&sh=452c0961334e
Forbes
Macallan Whisky Cask Could Break Auction Records After Owner Forgot It At The Distillery 30 Years Ago
Online bids for the 1988 single malt have already exceeded $600,000.
Macallan Royal Marriage Charles & Diana (Released 1981)
When Charles, Prince of Wales and Lady Diana Spencer married in 1981 it was billed as a fairytale wedding. The big day cost a reported £57 million and was watched by 750 million people around the world. It was only fitting that Macallan mark the occasion with another limited edition bottling.
Charles, Prince of Wales is the first son of Queen Elizabeth II and Prince Philip, born in 1948. Lady Diana Spencer was born to John Spencer, Viscount Althorp and Frances Spencer, Viscountess Althorp on 1st July 1961. The couple were married on the 29th July 1981 at St Paul’s cathedral. What followed was a tumultuous marriage that eventually ended in separation in 1992 and divorce in 1996. The couple had two children, Prince William, Duke of Cambridge (b.1982) and Prince Harry, Duke of Sussex (b.1984). Diana was tragically killed in a car crash in Paris on August 31st 1997. Her death was met with mass public grief, and she remains one of the best-loved members of the Royal family to this day.
The Macallan Royal Marriage 1981 is a vatting of whisky from two vintages, 1948 and 1961, the years in which Charles & Diana were born. The whisky was bottled at 86 proof in a 750ml bottle and is a NAS (no age statement) bottling.
The bottle is a standard 75cl bottle, the common volume used in the United Kingdom at the time. It has a beige label in the centre of which are two casks labelled 1948 and 1961 (for the couples’ birth years). The label also bears the text “[t]o mark the historic occasion of the Wedding of His Royal Highness The Prince of Wales & the Lady Diana Spencer, the Directors of The Macallan-Glenlivet Distillery respectfully present this loyal celebration vatting: a unique marriage of our fine single malt whisky distilled in 1948 and 1961, respectively the years of the Royal Couple’s births”.
Although there are no release numbers, the Macallan Royal Marriage 1981 is incredibly rare and has only appeared at auction 118 times since auction records began in 2006. That is 118 times in 16 years. The auction hammer for this bottle is currently averaging around £6,000.
When Charles, Prince of Wales and Lady Diana Spencer married in 1981 it was billed as a fairytale wedding. The big day cost a reported £57 million and was watched by 750 million people around the world. It was only fitting that Macallan mark the occasion with another limited edition bottling.
Charles, Prince of Wales is the first son of Queen Elizabeth II and Prince Philip, born in 1948. Lady Diana Spencer was born to John Spencer, Viscount Althorp and Frances Spencer, Viscountess Althorp on 1st July 1961. The couple were married on the 29th July 1981 at St Paul’s cathedral. What followed was a tumultuous marriage that eventually ended in separation in 1992 and divorce in 1996. The couple had two children, Prince William, Duke of Cambridge (b.1982) and Prince Harry, Duke of Sussex (b.1984). Diana was tragically killed in a car crash in Paris on August 31st 1997. Her death was met with mass public grief, and she remains one of the best-loved members of the Royal family to this day.
The Macallan Royal Marriage 1981 is a vatting of whisky from two vintages, 1948 and 1961, the years in which Charles & Diana were born. The whisky was bottled at 86 proof in a 750ml bottle and is a NAS (no age statement) bottling.
The bottle is a standard 75cl bottle, the common volume used in the United Kingdom at the time. It has a beige label in the centre of which are two casks labelled 1948 and 1961 (for the couples’ birth years). The label also bears the text “[t]o mark the historic occasion of the Wedding of His Royal Highness The Prince of Wales & the Lady Diana Spencer, the Directors of The Macallan-Glenlivet Distillery respectfully present this loyal celebration vatting: a unique marriage of our fine single malt whisky distilled in 1948 and 1961, respectively the years of the Royal Couple’s births”.
Although there are no release numbers, the Macallan Royal Marriage 1981 is incredibly rare and has only appeared at auction 118 times since auction records began in 2006. That is 118 times in 16 years. The auction hammer for this bottle is currently averaging around £6,000.
Diageo sales up 20% amid thirst for ‘super-premium’ spirits
International market for scotch, tequila and Chinese spirits grows as customers trade up to more expensive brands
Drinkers have been filling their glasses with “super-premium” spirits, boosting the annual sales of the drinks firm Diageo by a fifth, as the return to bars and restaurants after the pandemic continues apace.
Brands such as Don Julio tequila, Johnnie Walker whisky and Casamigos – the tequila company co-founded by George Clooney – highlighted consumers’ growing taste for “super-premium plus brands”, the company said, even at a time of rising prices and a squeeze on incomes.
Diageo’s sales jumped by 21% to £15.5 billion in the year to 30 June, ahead of analysts’ forecasts.
The spirits maker said it had benefited from growth in sales of high-end drinks – in particular scotch, tequila and Chinese white spirits – as drinkers traded up to more expensive brands. As a result, “premium-plus brands” contributed 57% to its reported net sales.
The company, which also owns Smirnoff vodka, Tanqueray gin and Captain Morgan rum, said its sales were also increased by the partial recovery of travel retail sales, as consumers resumed international trips after the pandemic.
Diageo’s chief executive, Ivan Menezes, said the company had done well from the reopening of hospitality venues after the Covid lockdowns, as well as “continued global premiumisation trends” and global price increases.
“I am particularly proud of the performance of Johnnie Walker, which delivered double-digit growth across all regions to surpass 21m cases globally,” Menezes said.
However, he added the company was keeping an eye on rising inflation and the cost-of-living crisis for the coming year.
“We expect the operating environment to be challenging, with ongoing volatility related to Covid-19, significant cost inflation, a potential weakening of consumer spending power and global geopolitical and macroeconomic uncertainty,” he said. “We continue to closely monitor consumer trends to enable us to respond quickly.”
The company said it had been able to raise its prices to offset the increase in costs since Russia’s invasion of Ukraine in late February.
International market for scotch, tequila and Chinese spirits grows as customers trade up to more expensive brands
Drinkers have been filling their glasses with “super-premium” spirits, boosting the annual sales of the drinks firm Diageo by a fifth, as the return to bars and restaurants after the pandemic continues apace.
Brands such as Don Julio tequila, Johnnie Walker whisky and Casamigos – the tequila company co-founded by George Clooney – highlighted consumers’ growing taste for “super-premium plus brands”, the company said, even at a time of rising prices and a squeeze on incomes.
Diageo’s sales jumped by 21% to £15.5 billion in the year to 30 June, ahead of analysts’ forecasts.
The spirits maker said it had benefited from growth in sales of high-end drinks – in particular scotch, tequila and Chinese white spirits – as drinkers traded up to more expensive brands. As a result, “premium-plus brands” contributed 57% to its reported net sales.
The company, which also owns Smirnoff vodka, Tanqueray gin and Captain Morgan rum, said its sales were also increased by the partial recovery of travel retail sales, as consumers resumed international trips after the pandemic.
Diageo’s chief executive, Ivan Menezes, said the company had done well from the reopening of hospitality venues after the Covid lockdowns, as well as “continued global premiumisation trends” and global price increases.
“I am particularly proud of the performance of Johnnie Walker, which delivered double-digit growth across all regions to surpass 21m cases globally,” Menezes said.
However, he added the company was keeping an eye on rising inflation and the cost-of-living crisis for the coming year.
“We expect the operating environment to be challenging, with ongoing volatility related to Covid-19, significant cost inflation, a potential weakening of consumer spending power and global geopolitical and macroeconomic uncertainty,” he said. “We continue to closely monitor consumer trends to enable us to respond quickly.”
The company said it had been able to raise its prices to offset the increase in costs since Russia’s invasion of Ukraine in late February.