UPDATE 2-Campari Q1 pretax profit falls, destocking hurts

* Q1 revs down 0.4 percent

* Hurt by continued destocking

* Spirits doing better than some market trends

(Adds details from conference call, analyst comment)

MILAN, May 13 (Reuters) - Italian drinks group Campari (CPRI.MI) expects consumption for its key brands to pick up as destocking -- which hurt the first quarter -- ends in some markets.

"We expect to benefit from the consumption momentum behind key brands, the reduction of destocking pressure as well as an improving input costs and currency outlook," Chief Executive Bob Kunze-Concewitz said in a statement on Wednesday.

"However, we will maintain a cautious stance, with focus on cost containment, working capital and cash generation throughout the year."

Campari, best known for its bitter, red aperitif, said consumption of its spirits had outpaced some market trends in the first quarter.

Campari spirits saw consumption rise 11.7 percent in the first quarter in the United States compared to the spirit market's 2.8 percent rise. Demand for its SKYY vodka brand rose 17.7 percent there, according to slides on its website.

The Italian spirits market saw consumption fall 2.6 percent, while Campari spirits rose 0.7 percent.

Campari on Wednesday reported a 4.1 percent fall in pretax profit in the first quarter to 38.4 million euros ($52.41 million). Sales fell 0.4 percent to 190.1 million euros. At constant exchange rates they fell 2.5 percent.

"In a tough economic environment, Campari results in the first quarter 2009 were overall satisfactory," the company said.

"Although ... performance was negatively affected, as expected, by the continued destocking in selected markets."

COMING OUT OF THE TUNNEL