Pernod Ricard sales up 10% on demand from China and India
The spirit’s group first-quarter sales are up despite slowing growth in the US
Paris — 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 US. Pernod, the world’s second-biggest spirits group behind Britain’s Diageo, however, cautioned that sales growth would moderate in the full year, notably for its Martell cognac in Asia. It also warned of a slightly negative foreign exchange impact on its recurring operating profit. For the first quarter ended September 30, Pernod reported sales of £2.387bn, 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 comparison in India a year ago, where it has faced setbacks that include a ban on liquor outlets. The group, whose brands include Absolut vodka and Jameson whiskey, said sales in India rose 34% in the quarter, having previous...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.