Pernod Ricard confident over FY 2023 as H1 results beat expectations

PARIS (Reuters) – Pernod Ricard said on Thursday it was confident sales growth would remain dynamic and broad-based albeit in a normalising environment for the 2023 fiscal year after it delivered forecast-beating first-half profit and sales, helped by price increases in the key Chinese and U.S. markets.

Pernod Ricard, which owns Martell cognac, Mumm champagne and Absolut vodka, said profit from current operations in the six months to Dec. 31 reached 2.423 billion euros ($2.6 billion), an organic rise of 12% above analysts expectations for an 8.2% increase.

Sales at Pernod – whose rivals include Diageo and Remy Cointreau – totalled 7.116 billion euros in the first half, representing an organic rise of 12%, compared with analysts expectations for a 9.7% increase.

Pernod Ricards fiscal year started on July 1.

($1 = 0.9342 euros)

(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)