By Maitane Sardon

Pernod Ricard said sales and earnings grew in fiscal 2023, citing pricing measures and strong growth in spirits, and backed its targets for the medium-term.

The French drinks group said Thursday that organic sales for the year ended June 30 grew 13% on a reported basis to 12.14 billion euros ($13.26 billion), while net profit for the year rose to EUR2.28 billion from EUR2.03 billion in fiscal 2022.

Analysts had expected sales of EUR12.16 billion and net profit of EUR2.4 billion, according to a FactSet-compiled poll.

For the fourth quarter, sales rose to EUR2.63 billion from EUR2.30 billion a year earlier.

The company said sales in all regions increased thanks to pricing execution, with all spirits categories delivering strong growth.

Looking ahead, the company backed its fiscal 2023-25 medium-term financial target, including reaching the upper end of between 4% and 7% of net sales growth and a 50 to 60-basis-point increase in operating margin.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

August 31, 2023 02:14 ET (06:14 GMT)

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