Pernod Ricard announces double-digit growth in Q1
Pernod Ricard SA has reported significant growth in sales after raising prices amidst the travel retail bounceback.
According to the distiller’s Q1 report, sales rose by 11% to €3.3 billion in the first fiscal quarter (Pernod Ricard’s fiscal year started on 1 July). This surpassed the analysts’ expectations of a 9.3% rise.
Pernod raised prices in the US in October as inflation continued to rise in key markets. According to the report, this increase accounted for 7% of the overall growth in Q1. As a result, more regions could follow suit.
Chairman Alexandre Ricard said: “I am hugely encouraged by our start to the year. Our performance continues to be broad-based with growth across many markets and diversified across our portfolio with all our spirit segments in double-digit growth.
“Within a context which remains challenging and volatile, as for every business, we continue to actively invest to support our unique competitive advantages and fuel our future growth.
“We have been very active in portfolio management in the past quarter with Sovereign Brands, Código 1530 and Nocheluna and are excited to work with our new partners to fully develop the global potential of such highly attractive brands.
“We expect this dynamic growth to continue through FY23, demonstrating the strength of our strategy and the dedication and full engagement of our teams around the world.”
Furthermore, sales in global travel retail rose 24% in the first quarter as it continued its recovery outside of China and was on track to deliver profit back to pre-COVID levels, the group said.
A detailed presentation of Q1 sales and results can be downloaded from www.pernod-ricard.com
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