Drinks giant Pernod Ricard has posted a 2% rise in organic sales to €8.6 billion, according to its full year results, issued this morning (27 August).
Reported sales growth grew 8% due to a favorable foreign exchange impact.
While its Asia/Rest of World (+4%) and Americas (+2%) businesses posted growth, Pernod Ricard described its European performance as 'stable', with 'difficulties in Eastern Europe and Travel Retail'.
Growth at the company was largely driven by its whiskies portfolio, with a 'strong performance' seen for Jameson, The Glenlivet, Ballantine’s and Indian whiskies.
“Our full year results are solid, delivering improving Sales and Profit from recurring operations in line with guidance," said Alexandre Ricard, Pernod Ricard chairman and chief executive (pictured). "Our strategy has remained consistent and is delivering results.
"For FY15/16, despite a challenging and volatile macroeconomic environment we aim to continue gradually improving our business performance. We will continue to support priority brands and innovations while focusing on operational excellence.”
Commenting on its performance, Jeremy Cunnington, senior alcoholic drinks analyst at Euromonitor International said, "Pernod is still some distance behind global leader Diageo and to close the gap Pernod needs to see not only organic but also inorganic growth. As the company’s finances improve they have the opportunity to advance current growth through M&A.”
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.