Pernod Ricard 3Q Net Sales Fall Slightly on Weaker Europe
19 Aprile 2018 - 08:06AM
Dow Jones News
By Euan Conley
French liquor group Pernod Ricard SA (RI.FR) said Thursday that
third-quarter net sales fell slightly on a modest decline in Europe
but recommended raising its dividend policy.
Net sales for the three months ending March 31 declined 0.5% to
1.98 billion euros ($2.45 billion) partly due to continued
difficulties in Spain and France as well as unfavorable shipment
phasing in Russia, the group said.
The company's Asia and rest-of-the-world market posted quarterly
sales of EUR901 million, up 8% on the previous year, which Pernod
attributed partly to a later Lunar New Year in China.
"We confirm our guidance for the fiscal year 2018 given to the
market on 9 February at the top-end of the range, with organic
growth in profit from recurring operations of about 6%," said
Pernod's Chairman and Chief Executive Alexandre Ricard.
The maker of Absolut vodka, Mumm champagne and Jameson whiskey
declared an interim cash dividend of EUR1.01 per share for the
current financial year, to be paid on 6 July.
Its board of directors has also recommended a progressive
increase in its dividend distribution over the next three years to
about 50% of net profit from recurring operations, Pernod Ricard
added.
Write to Euan Conley at euan.conley@dowjones.com
(END) Dow Jones Newswires
April 19, 2018 01:51 ET (05:51 GMT)
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