DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
Drinks

Pernod Ricard’s First Quarter Sales Beat Forecasts

By Steve Wynne-Jones
Share this article
Pernod Ricard’s First Quarter Sales Beat Forecasts

Spirits group Pernod Ricard posted a stronger-than-expected 10.4% rise in first-quarter underlying sales, helped by higher demand in China and India and despite slower growth in its main market in the United States.

Pernod, the world's second-biggest spirits group behind Britain's Diageo, however cautioned sales growth would moderate in the full year, notably in Asia.

It also warned of a slightly negative foreign exchange impact on its recurring operating profit.

Like-For-Like Increase

For the first quarter ended Sept. 30, Pernod reported sales of 2.387 billion euros, a like-for-like rise of 10.4% that beat analysts' estimates for 7.4% like-for-like growth in an Inquiry Financial poll for Reuters.

Pernod said it benefited from strong demand in China and from a low year-ago comparison in India, where it has faced setbacks including a ban on liquor outlets.

ADVERTISEMENT

The owner of Mumm champagne, Absolut vodka and Martell cognac said that despite an uncertain geopolitical and monetary environment, it was keeping its forecast for a 5-7% organic rise in full-year profit from recurring operations after last year's 6.3% growth.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.