Blog: The American way
Chris Brook-Carter | 4 November 2003
Following a similar story for rival Allied Domecq a couple of weeks ago, Pernod was hit for €207m in what was an otherwise encouraging set of results, with underlying sales growth up 8.5% in the period.
Interestingly, just-drinks is attending a seminar this evening held by the Wine & Spirit Association on treasury and foreign exchange risk management. In view of the strengthening euro and the effect it has had on the drinks trade in the last 12 months, it should prove to be an interesting discussion.
Away from forex issues, the US continues to show encouraging signs of a recovery. Pernod said its US wine and spirits sales enjoyed accelerated organic growth during the 3rd quarter driven by an economic recovery in the country, and achieved a nine-month cumulative growth rate of 10.8%. Combined with Allied’s news two weeks ago that the strength of its US division helped negate a weaker Eurozone, there appears to be light at the end of the tunnel.
This assumption is also borne out outside the drinks industry. From July to September, said the Commerce Department, the US economy recorded its fastest growth rate since 1984, with a 7.2% rise in GDP. That said there are still concerns. In particular, the bears point to the still high levels of unemployment and continuing anxiety among investors. The next six months will attract a lot of attention as the US audience tries to gauge whether this recovery is sustainable.
Heavy metal legend Bruce Dickinson - lead singer of the band Iron Maiden, for the unitiated - is clearly a man not afraid to get his hands dirty. ...
The homebrewing revival continues in the UK - and evidence has come that even the supermarket chains are taking it semi-seriously. ...
Does Pernod Ricard have something to hide? In a press conference after the release of full-year results today, only a quarter of the 100 minutes were given over to questions from journalists....
Here's a round-up of the top stories on just-drinks last week, featuring Carlsberg, Heineken, Coca-Cola Amatil, California's winelands and Cognac....
- The End of the Road for International Beer Brands?
- Comment - Another One Bites Bacardi's Dust
- Allegro: The shape of things to come at Pernod?
- Pernod Ricard's FY Performance by Region, Brand
- US craft vodka puts squeeze on Pernod's Absolut
- Mast-Jägermeister targets UK off-trade boost
- Pernod bemoans tough FY as sales, profits drop
- ASA bans Jägermeister TV ad
- Bacardi announces CFO switch
- SABMiller exec to become CFO at Beam Suntory