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Pernod Ricard announces Q3 FY22 results

Published:  28 April, 2022

Pernod Ricard, the No.2 worldwide producer of wines and spirits, has announced its sales for the first nine months of FY22, and the results are very strong despite a volatile global market.

The total sales in those nine months amounted to €8,407m, with organic growth up 18%.

This was boosted by widespread growth in 'must-win' domestic markets such as India (+19%), USA (+13%) and China (+12%).

Excellent growth could also be found in the European market, despite some deceleration in March, notably due to the impacts of the conflict in Ukraine.

Travel retail enjoyed a welcome boost (+33%) due to increased passenger traffic following the easing of some Covid restrictions.

Alexandre Ricard, chairman and CEO of Pernod Ricard, said: “Our Q3 was very strong and continues the broad-based performance we enjoyed in the first half, with all our regions and must-win markets showing very strong growth.

"The global environment remains volatile with an increasingly challenging and inflationary context. We expect a softer Q4 impacted by Covid disruptions in China, phasing normalisation in the US and conflict in Ukraine. Overall we expect for FY22 a strong diversified sales momentum across the regions due to on-trade rebound, off-trade resilience and a continuing recovery in Travel Retail.

He added: "We are increasing investments to fuel growth momentum. Accordingly, we are providing full-year guidance for FY22 of organic growth in profit from recurring operations of around +17% with some operating margin expansion.”

In terms of brands, Jameson, Martell, Chivas Regal, Absolut, Ballantine’s and The Glenlivet led the way, contributing to a +20% (Q3 +22%) growth.

However, due to the lower New Zealand harvest, strategic wines were down by -3%.