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Pernod Ricard’s First Quarter Sales Beat Forecasts

Published on Oct 18 2018 10:10 AM in Drinks tagged: France / spirits / Pernod Ricard

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.

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.

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