In late-August, Pernod Ricard posted results for its fiscal-2017. Sales in the 12 months to the end of June increased by almost 4% year-on-year, as operating profits rose by just over 3%. Here, just-drinks breaks down the wine and spirits group's figures for the period by brand and by region.

Pernod Ricard Full-Year Fiscal-2017 - Net Sales by Region

Source: Company results

  • Americas - Sales +7%

The Americas region - which accounts for 30% of group sales - did well in the full-year, driven by the US, which reported a 5% rise in sales. Jameson continues to shine, breaking the 3m-case barrier last year. Absolut, however, was "still down in a worsening category". Pernod flagged that while the broader spirits market in the country is still posting "solid" growth, the rate of growth slowed compared to fiscal-2016.

Outside the US, the rest of the Americas was up by 11%, thanks to Canada - up 6% - and Mexico - up 3%. Brazil, however, dipped by 2% due to "adverse" market conditions and price increases. Travel Retail in the region "returned to growth" for Pernod.

  • Asia/Rest of World - Sales +1%

Finally, after four years of problems, China returned to growth for Pernod in fiscal-2017, up by 2%. Martell, which accounts for 42% of the country's total Cognac market, saw sales lift by 6%, with growth "across the whole range". The Chivas portfolio, however, is "still struggling" in China, although a new marketing strategy has been put in place. India inched up sales by 1%, with the country's demonetisation moves and the nation-wide highway ban driving a "temporary growth deceleration" for Pernod. The group echoed comments made to just-drinks by Carlsberg's CEO earlier this month, noting that the highway ban will have a "lesser" effect in the first half of fiscal-2018.

Korea proved a problem market in the period, with sales falling by 14%. Meanwhile, Africa & Middle East increased by 1%, with the region's Travel Retail channel again returning to growth for Pernod after the previous year's decline.

Asia/Rest of World accounts for 40% of total group sales.

  • Europe - Sales +3%

Western Europe was described as "solid", with Eastern Europe proving "very dynamic" for Pernod. The UK did well in the west, posting a 7% sales lift, while Spain was up 5%. The company's domestic market was "subdued", with sales increasing by just 1%. Russia jumped by 16%, driving Eastern Europe's 11% sales rise. The country was described as "improving" for international spirits.

Europe as a whole accounts for 31% of Pernod's total top line.

Pernod Ricard Full-Year Fiscal-2017 - Operating Profits by Region

Source: Company results

The importance of the Americas to Pernod's bottom line continues to grow: The region upped its operating profits year-on-year by just under 12%. Asia/Rest of World continues to lead the way, also growth last fiscal-year was 1.8%. Operating profits from Europe, meanwhile, increased by 2.7%.

Pernod Ricard Full-Year Fiscal-2017 - Strategic International Brands

SalesVolumesPrice/Mix
Absolut+2%+3%-1%
Chivas Regal-3%-2%-1%
Ballantine's+3%+4%-2%
Ricard+4%+5%-1%
Jameson+15%+13%+2%
Havana Club+6%+7%-1%
Malibu+5%+4%+1%
Beefeater+5%+4%+1%
Martell+6%+5%+1%
The Glenlivet+2%+1%+1%
Royal Salute-3%+2%-5%
Mumm+3%+2%--
Perrier-Jouet+11%+8%+3%
Strategic Intl Brands+4%+5%--

Source: Company results

Jameson had another stellar year, with sales jumping by 15% on a 13% volumes increase. What will concern Pernod, however, are the negative price/mix numbers from Absolut, Chivas Regal, Ballantine's and - more alarmingly - Royal Salute. Indeed, six of the group's international brands sold more in volume than they made in value in the period. Collectively, though, a 4% value increase on a 5% volumes rise won't worry Pernod too much.

Pernod Ricard Full-Year Fiscal-2017 - Strategic International Brands Volumes

Source: Company results