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FRANCE: Nine-month sales slide, but Pernod Ricard FY profits still set to rise

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  • Nine-month sales slide by 7% as forex hits hard
  • Sales in Q3, to end of March, also down by 7%
  • Asia/Rest of World sales fall by 12%
  • Full-year profits guidance reiterated

Pernod Ricard has reported a continued slide in sales for the first nine months of its fiscal year, but has confirmed its full-year operating profits guidance.

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The company said earlier today (24 April) that group sales in the nine months to the end of March came in 7% down on the corresponding period a year earlier, totalling EUR6.19bn (US$8.56bn). In the third quarter of Pernod's fiscal year, sales hit EUR1.62bn, also down by 7%.

In organic terms, YTD sales were flat, with foreign exchange impact pulling sales down by 6%.

The firm noted that the nine-month sales numbers were "in line" with its half-year performance, when sales and operating profits were both down by 7%.

In the quarter, sales from Asia/Rest of the World slid by 9% thanks primarily to continuing problems for international spirits in China. However, India and the Travel Retail channel were singled out for performing well in Q3. The Americas region saw sales fall by 5%, but rise by the same number in organic terms. European sales decreased by 7%.

"In an environment that remains challenging, our performance over the nine months was in line with the half-year and with our annual guidance," said CEO Pierre Pringuet.

Pernod re-confirmed its guidance for the fiscal full year: Operating profits for the 12 months to the end of June are expected to grow by between 1% and 3%.

The company's shares dipped slightly on morning trading today. At 1052 CEST, they were 0.2% down at EUR85.49.

Pernod also announced today that it is set to acquire Kenwood Vineyards in California from F Korbel & Bros.

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


Sectors: Company results, Spirits, Wine

Companies: Pernod Ricard

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