Pernod Ricard reports sales increase

Pernod Ricard claims a “good overall performance” for the first quarter of 2012/13.

The Group reported consolidated net sales totalling €2,203million for the first three months of this financial year compared to €1,987m in the same period for last year.

This equates to an increase of 11% and comes in spite a 6% drop in sales in Western Europe. The group cited increased taxes in France plus a 5% drop in sales in Spain and a 6% decline in Germany, as the main reasons behind the fall in Western Europe.

These falls were offset by increased sales and strong growth in Asia, where there was an overall increase of 13%. The group reported that the “two main growth drivers” were China and India – both countries saw an 18% increase in sales.

Pierre Pringuet, Pernod Ricard’s chief executive officer said: “In a less favourable macro-economic environment we realised a good overall performance in the first quarter.”

“We remain confident in our capacity to continue to grow and are setting a target for organic growth in profit from recurring operations close to 6% for the 2012/13 financial year.”

Pernod Ricard also reported that its organic sales growth for the first quarter was 5%, which is down on the 11% organic growth it saw in the first three months of the last financial year.

The group also saw strong growth in the US, driven primarily by Jameson, which saw a 25% increase and The Glenlivet, which increased by 12%.

Globally The Glenlivet was one of Pernod Ricard’s main growth drives with a net sales organic growth of 24%, but Perrier- Jouët was the main growth product, with a 43% sales increase.