Regulatory News:
Pernod Ricard (Paris:RI):
Press release - Paris, 19 October 2017
VERY GOOD Q1 SALES, WITH GROWTH ACCELERATING
AND DIVERSIFYING
ORGANIC SALES GROWTH: +5.7%(REPORTED
GROWTH: +2.0%)
FY18 GUIDANCE1
CONFIRMED:ORGANIC GROWTH IN PRO2 BETWEEN
+3% AND +5%
Sales for the first quarter of FY18 totalled € 2,292 million,
with organic growth of +5.7%:
- Continued dynamism in the Americas:
+6%, with good performance in USA and acceleration of Travel
Retail throughout the continent
- Significant acceleration in
Asia-RoW: +7% vs. stable in Q1 FY17, with a strong Q1 in China
and a rebound in Travel Retail and Africa Middle East
- Continued good overall growth in
Europe: +3%, thanks to very strong Sales in Eastern Europe and
a modest increase in Western Europe, with strong dynamism in
Germany and UK but a decline in France and slow start in Spain
- Acceleration coming from Emerging
markets (+10%)
- Performance partly enhanced by
favourable basis of comparison in Q1 FY17 (Global Travel
Retail, Africa Middle East…)
Reported growth was +2.0% due to the unfavourable FX
impact over the period.
Group topline improvement was primarily driven by the
Strategic International Brands (+8%) with strong broad-based
growth, in particular from Martell, Absolut, Jameson, Ballantine’s,
Chivas and Malibu.
The Strategic Local Brands grew +2% with Seagram’s
Indian whiskies growth still subdued due to the highway ban but
strong growth in tequila and gin.
Strategic Wines also had a very strong quarter at +8%,
thanks mainly to Campo Viejo.
Innovation delivered an incremental +2% to overall Group
Sales.
As part of this communication, Alexandre Ricard, Chairman
and Chief Executive Officer, stated,
“We have had a very good start to the year, with our growth
accelerating and diversifying in terms of both markets and brands.
This is again testimony to the success of the strategic direction
we adopted 2 years ago.
“In an environment that remains uncertain, we confirm our FY18
guidance of organic growth in Profit from Recurring Operations of
between +3% and +5%. We will continue to implement our roadmap, in
particular focusing on digital, innovation and operational
excellence.”
1 Guidance communicated 31 August 20172 PRO = Profit from
Recurring Operations
All growth data specified in this press release refers to
organic growth (at constant FX and Group structure), unless
otherwise stated. Data may be subject to rounding.
A detailed presentation of Sales for the first quarter of FY18
can be downloaded from our website: www.pernod-ricard.com
Definitions and reconciliation of non-IFRS measures to IFRS
measures
Pernod Ricard’s management process is based on the following
non-IFRS measures which are chosen for planning and reporting. The
Group’s management believes these measures provide valuable
additional information for users of the financial statements in
understanding the Group’s performance. These non-IFRS measures
should be considered as complementary to the comparable IFRS
measures and reported movements therein.
Organic growth
Organic growth is calculated after excluding the impacts of
exchange rate movements and acquisitions and disposals.
Exchange rates impact is calculated by translating the current
year results at the prior year’s exchange rates.
For acquisitions in the current year, the post-acquisition
results are excluded from the organic movement calculations. For
acquisitions in the prior year, post-acquisition results are
included in the prior year but are included in the organic movement
calculation from the anniversary of the acquisition date in the
current year.
Where a business, brand, brand distribution right or agency
agreement was disposed of, or terminated, in the prior year, the
Group, in the organic movement calculations, excludes the results
for that business from the prior year. For disposals or
terminations in the current year, the Group excludes the results
for that business from the prior year from the date of the disposal
or termination.
This measure enables to focus on the performance of the business
which is common to both years and which represents those measures
that local managers are most directly able to influence.
Profit from recurring
operations
Profit from recurring operations corresponds to the operating
profit excluding other non-current operating income and
expenses.
About Pernod Ricard
Pernod Ricard is the world’s n°2 in wines and spirits with
consolidated Sales of €9,010 million in FY17. Created in 1975 by
the merger of Ricard and Pernod, the Group has undergone sustained
development, based on both organic growth and acquisitions: Seagram
(2001), Allied Domecq (2005) and Vin&Sprit (2008). Pernod
Ricard holds one of the most prestigious brand portfolios in the
sector: Absolut Vodka, Ricard pastis, Ballantine’s, Chivas Regal,
Royal Salute and The Glenlivet Scotch whiskies, Jameson Irish
whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu
liqueur, Mumm and Perrier-Jouët champagnes, as well Jacob’s Creek,
Brancott Estate, Campo Viejo and Kenwood wines. Pernod Ricard
employs a workforce of approximately 18,500 people and operates
through a decentralised organisation, with 6 “Brand Companies” and
86 “Market Companies” established in each key market. Pernod Ricard
is strongly committed to a sustainable development policy and
encourages responsible consumption. Pernod Ricard’s strategy and
ambition are based on 3 key values that guide its expansion:
entrepreneurial spirit, mutual trust and a strong sense of
ethics.
Pernod Ricard is listed on Euronext (Ticker: RI; ISIN code:
FR0000120693) and is part of the CAC 40 index.
APPENDICES
Q1 Sales by Region
Net Sales
(€ Million)
Q1 FY17 Q1 FY18 Change Organic Growth
Group Structure Forex impact
Americas 649 28.9% 652 28.4% 3 0% 40 6% (3) 0%
(34) -5% Asia / Rest of World 917 40.8% 940 41.0% 23 2% 64 7% (1)
0% (41) -4% Europe 682 30.3% 701 30.6% 19 3%
23 3% (1) 0% (3) 0%
World 2,248
100.0% 2,292 100.0% 45
2% 128 6% (5)
0% (78) -3%
Note: Bulk Spirits are allocated by Region according to the
Regions’ weight in the Group
Foreign exchange impact on Q1 FY18 Sales
Forex impact Q1
FY18
(€ Million)
Average rates evolution On Net Sales Q1
FY17 Q1 FY18 %
US dollar USD 1.12 1.17
5.2% (31) Chinese yuan CNY 7.44 7.83 5.2% (13) Pound sterling GBP
0.85 0.90 5.6% (6) Other (28)
Total (78)
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version on businesswire.com: http://www.businesswire.com/news/home/20171018006386/en/
Contacts Pernod RicardJulia Massies, +33 (0)1 41 00 41
07VP, Financial Communication & Investor RelationsorAdam
Ramjean, +33 (0)1 41 00 41 59Investor Relations ManagerorEmmanuel
Vouin, +33 (0)1 41 00 44 04Press Relations ManagerorAlison Donohoe,
+33 (0)1 41 00 44 63Press Relations Manager
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