Pernod Ricard: 1Q Sales Growth Was 'Moderate'
October 17 2019 - 2:18AM
Dow Jones News
By Cristina Roca
Pernod Ricard SA (RI.FR) said Thursday that sales grew
organically by 1.3% during the first quarter of fiscal 2020.
The maker of Beefeater gin and Jameson whiskey posted sales of
2.48 billion euros ($2.74 billion), up from EUR2.39 billion for the
same period the year previous and broadly in line with analysts'
consensus expectations of EUR2.49 billion, according to
FactSet.
First-quarter "growth was moderate, as expected," said Alexandre
Ricard, Pernod chairman and chief executive. Sales were helped by
currency tailwinds, mainly from the dollar, the French company
said.
Pernod backed its guidance of organic growth in profit from
recurring operations of between 5% and 7% for fiscal 2020. It
expects foreign exchange to have a "significantly positive" impact
on this metric, it said.
The company said it will buy back its own shares for up to
EUR150 million between Oct. 18 and Dec. 18 as part of the EUR1
billion buyback program it announced in August.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
October 17, 2019 02:03 ET (06:03 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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