Pernod Ricard assured over FY as Q1 gross sales beat expectations By Reuters

By Dominique Vidalon

PARIS (Reuters) – French spirits maker Pernod Ricard (EPA:) mentioned on Thursday it was assured gross sales progress would stay dynamic by its 2023 fiscal 12 months after it delivered a forecast-beating 11% gross sales progress within the first quarter helped by value will increase in the US, its high market.

Pernod, the world’s second-biggest spirits group behind Diageo (LON:), mentioned the robust begin to the 12 months additionally mirrored robust demand in China and in India and a continued rebound in world journey retail.

“I’m massively inspired by our begin to the 12 months,” Chairman and CEO Alexandre Ricard mentioned in a press release.

In an setting that remained risky with excessive inflation, the battle in Ukraine, and COVID-19 lockdowns in some Chinese language cities, the group mentioned it anticipated gross sales progress for the total 12 months would stay “dynamic and broad-based, albeit moderating on a normalizing comparability foundation,”

Pernod Ricard’s fiscal 12 months began on July 1.

For the primary quarter ended Sept. 30, Pernod – which owns Martell cognac, Mumm champagne and Absolut vodka – reported gross sales of three.308 billion euros ($3.23 billion), a like-for-like rise of 11%, which got here above market expectations for a 9.3% gross sales rise.

In China alone, gross sales rose 9% within the first quarter thanks robust mid-Autumn pageant gross sales. The Martell cognac model recorded double-digit gross sales progress through the quarter in China regardless of COVID restrictions.

Gross sales in world journey retail rose 24% within the first quarter because it continued its restoration exterior of China and was on observe to ship revenue again to pre-COVID ranges, the group mentioned.

($1 = 1.0234 euros)