Pernod Ricard released its full-year results earlier today

Pernod Ricard released its full-year results earlier today

Earlier today, Pernod Ricard reported a drop in full-year profits and sales. Here's a closer look at the Paris-headquartered company's performance in the 12 months to the end of June.


Asia/Rest of the World 

Pernod’s full-year sales in the region dropped by 12% to EUR7.9bn. Operating profits for the unit also fell, by 13% to EUR884m. 

In China, sales dived by 23%. Depletions fell by 13%, while shipments were down 20%. Pernod blamed the “macro-economic slowdown” in the country and the government’s crackdown on conspicuous consumption. Volumes of the group’s “strategic” brands fell by 20% and there was a “marked slowdown in price increases”. Pernod said the decline was partly due to its bid to maintain “healthy” stock levels. 

Away from China, Pernod said it saw “good resilience”. In India, sales were up 17% driven by “volume growth of local and imported whiskies”. 

Travel Retail in the region saw “good growth”, helped by Martell and Royal Salute. In South Korea, sales fell by 11% due to an on-going decline in the country’s traditional on-trade, Pernod said. 

Australia saw “strong growth” as Jacob’s Creek, Chivas and Mumm posted double-digit sales rises. 

In Africa/Middle East, double-digit growth was driven by South Africa, Turkey and Travel Retail, the company said. 

In Thailand, all categories saw a “stark” decline due to the country’s political issues and excise duty rises, Pernod said. 

The Americas

Pernod saw sales in the region slip by 8% to EUR2.14bn. Operating profits in the 12 months fell by 5% to EUR579m. 

Sales in the US were positive, up 1%, driven by premiumisation and a strong showing from Jameson and The Glenlivet brands. However, Absolut had a “challenging year” due to  a “highly competitive” US vodka market, Pernod said.  

In Canada, Jameson and The Glenlivet drove “balanced growth of volume and price/mix”, the company said. 

In Brazil, the full-year performance improved on the prior year, helped by “double-digit” growth of the group’s ‘Top 14’. Mexico saw a “slight” decline. 

In Travel Retail in the Americas region, Pernod saw a double-digit sales decline in sales, blaming the destocking of some distributors, trade disputes and the weakening of a number of South American currencies. 


The group’s full-year sales in the region fell 2% to EUR2.77bn. Operating profits in the region slipped by 2% to EUR593m. 

In France, sales were up 3% as the market stabilised, Pernod said. In Spain, the group’s sales dipped by 7% in the 12 months, which the firm said was “in line with the market”. Germany was a bright spot, as sales climbed by 7%, helped by double-digit growth of Havana Club, Chivas and Jameson and “positive pricing”. 

Sales figures for the UK were not disclosed. Instead Pernod flagged that the performance of its Top 14 brands was “very good” and it had seen a “return to growth” for its wines, helped by the Campo Viejo brand. 

Ireland saw a “slight” sales decline for the group due to excise increases, while in Italy, Pernod said its sales “stabilised”.  

In Russia, the firm’s sales rose by 5%, a slowdown on last year due to a “less dynamic market”. The group reported a “sharp” drop in sales in Ukraine, blaming the current political situation. 


- Jameson Irish whiskey continued to be a star performer with global sales up 12% and volumes rising by 9%. 

- Scotch whisky The Glenlivet also performed well, with sales up 8% and volumes climbing 2%. 

- Champagne brand Perrier-Jouet saw a 16% lift in sales from a small base, while Mumm sales were up 2% and volumes by 1%. 

- Of its 'strategic' brands, Martell and and Royal Salute suffered the most with sales slipping by 9% and 8% respectively.  

- Absolut's sales fell by 1% and volumes 4%, while Chivas Regal sales dropped by 4% and volumes 7%. 

- Sales of Ballantine's fell by 5%, while volumes were flat. 

- In wine, Pernod's "premium" brands - including Jacob's Creek, Brancott Estate, Campo Viejo and Graffigna - sales were collectively flat and volumes down by 1%.