Pernod Ricard reports “very strong” nine-month sales

27 April, 2023

French drinks group Pernod Ricard saw sales increase by 8% for the first nine months of fiscal 2023 to pass €9.5 billion despite a difficult Q3 that saw an organic sales decline of 2%.

The firm enjoyed 15% growth in India and 33% growth in global travel retail which has seen a strong sales rebound.

The USA saw a 1% decline and a 5% decline in China but Pernod Ricard is confident of a strong Q4 response in both markets against a low comparison basis.

“Our very strong nine month performance was broad-based and confirms the strength of our business, with resilient volumes, strong pricing and continued dynamism in all our regions and spirits categories,” said chairman and chief executive Alexandre Ricard.

“While the global environment remains volatile and as markets normalise, we are confident in delivering a strong performance for the full year in fiscal 2023, with very strong sales expected in our fourth quarter.

“Our full-year guidance for fiscal 2023 is for organic growth in profit from recurring operations of 10% with some operating margin expansion.”

Organic sales grew in all regions with Asia/Rest of World posting double-digit growth of 12% led by India, travel retail, and Turkey.  

The results come as the French brand has come under fire recently for the decision to restart exporting a number of its brands to Russia in a limited capacity having suspended sales following Moscow’s invasion of Ukraine. Last week Pernod Ricard made a U-turn on the resumption of Absolut vodka exports to the country after a public backlash in Sweden.

The move to restart trade has been met with criticism with several campaigners calling for a boycott. 

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