RI Pernod Ricard

By Adria Calatayud

Pernod Ricard SA said Thursday that it expects strong sales in the fourth quarter of fiscal 2023 after a decline in the third, and forecast organic growth in full-year profit from recurring operations.

The French drinks group said it expects organic growth of more than 10% in profit from recurring operations, aided by some expansion in its organic operating margin, for the year to June.

The maker of Absolut vodka and Martell cognac also forecasts strong fourth-quarter sales helped by a favorable comparison basis, an expected demand recovery in China and price increases in the U.S. The company maintained its guidance for advertising-and-promotional spending at 16% of net sales.

For the third quarter to the end of March, Pernod Ricard said sales totaled 2.39 billion euros ($2.64 billion), down from EUR2.45 billion in the year-earlier period.

Sales fell 2.2% organically, hurt in part by a strong year-earlier performance in the U.S.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

April 27, 2023 02:08 ET (06:08 GMT)

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