Pernod Ricard Projects 16% Profit Jump As Business AcceleratesJune 23, 2021
With business conditions continuing to improve across its global footprint, Pernod Ricard says it’s now expecting profit from recurring operations for its fiscal year ending this month to be up in the range of 16%, up from the previous marker of 10% set down in April.
“The pace of recovery is proving stronger than anticipated,” the company said in a statement this morning. “The off-trade continues to be resilient while on-trade demand is accelerating as restrictions are progressively lifted.” In the nine months through March, Pernod’s Americas unit saw sales climb 4% organically to just under €2 billion ($2.4b), including “robust mid-single digit growth” in the U.S., driven by the booming off-premise sector and its Glenlivet, Malibu, and Kahlúa brands, as well as its Tequila and American whiskey portfolios.
Overall, for the nine months ending in March, the drinks giant’s sales grew 1.7% organically to €6.94 billion ($8.37b), led by 6% growth in the U.S. and a 34% surge in China. On issuing the improved guidance today, Pernod said it expects profit this fiscal year to be broadly in line with that of 2019, “albeit with sales still impacted by restrictions in the on-trade and travel retail.”—Daniel Marsteller
|Pernod Ricard USA—Key Brands
(thousands of 9-liter case depletions)
|The Glenlivet||Single Malt Scotch||471||470||-0.4%|
|Total Pernod Ricard||17,172||17,432||1.5%|
|1 Includes flavors.
2 Excludes Cans; includes Juice and Elyx.
3 Excludes pre-mixed cocktails.
4 Includes still and sparkling.
Source: IMPACT DATABANK © 2021
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