Salem Radio Network News Wednesday, December 8, 2021

Business

Pernod Ricard Q1 sales beat forecasts with strong demand in China and U.S.

PARIS (Reuters) – French spirits maker Pernod Ricard said it expected good sales growth to continue through its 2022 fiscal year, although it could moderate a touch, after strong demand in China, the United States and India helped it deliver forecast-beating 20% sales growth in the first quarter.

Pernod, the world’s second-biggest spirits group behind Diageo, said the consumption of products by people staying at home remained resilient, while its markets were also supported by the re-opening of bars and restaurants as COVID-19 restrictions eased.

Travel retail was still very subdued although it benefited in the quarter from a low comparison basis.

Pernod Ricard’s fiscal year started on July 1.

For the first quarter ended Sept. 30, Pernod – which owns Martell cognac, Mumm champagne and Absolut vodka – reported sales of 2.718 billion euros ($3.17 billion), a like-for-like rise of 20%, which came above market expectations for a 15.7% sales rise.

($1 = 0.8583 euros)

(Reporting by Dominique Vidalon)

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