• First-quarter sales rise by 1% to EUR2.25bn (US$2.47bn) as negative ForEx hits
  • "Dynamic" three months to end of September in Americas, Europe also up
  • Operating profits growth of between 2% and 4% forecast for full-year fiscal-2017
Pernod Ricard expects its full-year operating profits to increase by low-single-digits

Pernod Ricard expects its full-year operating profits to increase by low-single-digits

Pernod Ricard has posted a slight lift in first-quarter sales, with healthy performances in the Americas and Europe partly offset by ForEx impacts.

The company said earlier today that sales in the three months to the end of September increased by 1% year-on-year. Organic growth of 4% in the period was pulled back by a -3% hit from exchange rates, predominantly between the Euro and the British Pound, Argentinian Peso and Chinese Yuan.

In the corresponding period a year ago, when reported sales rose by 9% - and by 3% in organic terms - the group benefited from a sizeable boost from ForEx.

In the Americas - which accounted for 29% of group sales - the US led an 8% top-line lift. Europe (30% of sales) was also up, by 6%. An improvement in China, countered by "tougher" conditions in Africa and the Middle East, resulted in a flat sales quarter for Asia-Rest of the World (41% of sales).

"We have had a good start to the financial year, consistent with our full-year guidance," said CEO Alex Ricard. "Therefore, we confirm our FY17 guidance of organic growth in profits from recurring operations of between +2% and +4%."

Following the trading update, the company's share price opened up, by 1.9% at 0944 CEST today.

Pernod's half-year results will be released on 9 February.

To read the company's official results statement, click here.

For a look at Pernod Ricard's Q1 sales performance on a regional and brand basis, click here

An analysis of Pernod's Q1 can be found here