RI Pernod Ricard

   By Cristina Roca 
 

Pernod Ricard SA (RI.FR) said Thursday that its sales were boosted by its performance in Asia during the first quarter of the fiscal year ending in June, and that it expects sales growth to moderate for the full year.

Pernod had sales of 2.39 billion euros ($2.76 billion) representing just over 10% of organic growth, beating a consensus forecast of 7.1% organic growth provided by FactSet.

On a reported basis, sales grew by 7.2%, the company said, due to unfavorable foreign currency effects--mainly from the Turkish lira and the Indian rupee.

Sales growth was driven by the Asia-Rest of the World region, where Pernod posted 23% sales growth. China posted strong growth across all drinks categories, boosted by advance shipments, the company said. The French premium spirits maker had previously said that it was expecting a "very strong" first quarter thanks to an earlier Mid-Autumn Festival in China and low comparison bases in India.

The company's American and European markets posted low-single digit organic sales growth.

The maker of Absolut vodka and Jameson whiskey confirmed its full-year guidance of 5% to 7% organic growth on its profit from recurring operations, noting that the first half of the year will benefit from the earlier Chinese New Year, but will then moderate as Martell cognac returns to a medium-term volume growth target of high-single-digits. The company expects a "slightly negative" foreign currency impact for fiscal 2019.

Pernod said it would continue to pursue its set strategy and may make bolt-on acquisitions or dispose of nonstrategic brands as part of its portfolio management.

The company will elaborate on its first-quarter results in a conference call at 0700 GMT.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

October 18, 2018 02:18 ET (06:18 GMT)

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