Pernod Ricard beats expectations as Jameson drives growth in the UK and US
The world's number two wines and spirits producer has performed better than expected since April, with sales of Jameson emerging as the main growth driver.
The world's number two wines and spirits producer has performed better than expected since April, with sales of Jameson emerging as the main growth driver.
In the results of the first quarter of the fiscal year, the Paris-based company's sales totalled €2,248 million, with organic growth (excluding the impacts of exchange rate movements, acquisitions and disposals) reaching +4%.
Worldwide, the Americas saw the most amount of growth (+8%) with Europe coming in second at +6%.
The company has seen solid growth in the UK with its flagship international brands, in particular Scotch whisky Chivas Regal, Absolut vodka and Jameson Irish whiskey.
In the US - the Pernod's biggest market - Jameson is driving growth in the Irish whiskey category.
This has compensated for weakness in China, where demand for expensive cognacs and Scotch whiskies has waned due to a government crackdown on extravagant spending.
Alexandre Ricard, chairman and CEO, said: "We have had a good start to the financial year, consistent with our full year guidance. Therefore, we confirm our FY17 guidance of organic growth in profit from recurring operations of between +2% and +4%.
"We will continue to implement our long-term growth strategy, focusing investments behind our priority brands, markets and innovations and remaining disciplined on pricing and costs."
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