By Maitane Sardon

Pernod Ricard plans to buy back up to EUR800 million ($874 million) in shares in fiscal 2024 after the company reported an increase in sales and profit for fiscal 2023.

The French drinks group said Thursday that organic sales for the year ended June 30 grew 13% on a reported basis to EUR12.14 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, 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.

It proposed a dividend of EUR4.70, an increase of 14% compared with fiscal year 2022.

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

(END) Dow Jones Newswires

August 31, 2023 02:41 ET (06:41 GMT)

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