Pernod Ricard today reported sales of €3,308 million for the three months ended 30 September, up by +22% year-on-year (+11% on an organic basis). The reported sales figure was buoyed by a positive currency effect from the US Dollar and Chinese Yuan against the Euro.
Within this, travel retail sales grew by +24% year-on-year as the channel “continues to rebound” said the drinks group, with the exception of a softer Chinese market. The company highlighted increased consumer basket sizes and a solid price effect, adding that travel retail remains on track to deliver pre-COVID profit levels this year.
Pernod Ricard also highlighted strong growth in India (+21%) and China (+9%), a dynamic European market buoyed by tourism recovery and strong distributor depletions in the USA.
By category, diversified double-digit growth across all spirits segments was driven by:
- Strategic International Brands: +12%, led mainly by Scotch, Jameson, Absolut, Beefeater and Martell
- Strategic Local Brands: +13%, mainly driven by strong double-digit growth of Seagram’s whiskies
- Specialty Brands: +16%, continued development driven by Lillet, Malfy, Redbreast and Jefferson’s
- Strategic Wines: -8%, a soft start notably in the US and the UK, with phasing effects.
Chairman & CEO Alexandre Ricard said: “I am hugely encouraged by our start to the year. Our performance continues to be broad-based with growth across many markets and diversified across our portfolio with all our spirit segments in double digit growth.
“Within a context which remains challenging and volatile, as for every business, we continue to actively invest to support our unique competitive advantages and fuel our future growth.
“We have been very active in portfolio management in the past quarter with Sovereign Brands, Código 1530 and Nocheluna and are excited to work with our new partners to fully develop the global potential of such highly attractive brands.
“We expect this dynamic growth to continue through FY23, demonstrating the strength of our strategy and the dedication and full engagement of our teams around the world.”
