Pernod Ricard Upbeat on Fiscal Year 2023 After Pricing Power Boosted 1st Half Growth
16 Fevereiro 2023 - 4:02AM
Dow Jones News
By Joshua Kirby
Pernod Ricard said Thursday that it is confident of further
sales growth and sustained profitability for the rest of the fiscal
year, after higher pricing buoyed the group's top line in the
fiscal second quarter.
The French distiller made sales of 7.12 billion euros ($7.61
billion) in the six months to Dec. 31, rising 12% on an organic
basis. Analysts had expected half-year sales of EUR6.97 billion,
according to a FactSet-compiled poll.
Recurring operating profit rose at the same rate as sales,
totalling EUR2.42 billion. The group's operating leverage was
broadly flat, while the gross margin expanded several basis points
to 61.4%. The margin and sales were driven higher especially by
pricing, Pernod Ricard.
"Particularly strong pricing dynamic illustrates the
attractiveness of our portfolio of premium brands and enabled us to
sustain margins in an inflationary context," Chief Executive
Alexandre Ricard said.
The maker of Absolut vodka and Jameson whiskey will further
increase pricing in the second half of the fiscal year, it said.
The company expects further top-line growth, albeit in a
normalizing environment, and to sustain its operating margin
despite a planned step-up in investment in capital expenditure and
in strategic inventories.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
February 16, 2023 01:47 ET (06:47 GMT)
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