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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