Pernod Ricard third-quarter sales growth slows, India weighs | business-news | Hindustan Times
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Pernod Ricard third-quarter sales growth slows, India weighs

Pernod, the world’s second-biggest spirits group after Britain’s Diageo, kept its profit outlook unchanged and achieved some robust quarterly growth in the United States and in Europe.

business Updated: Apr 20, 2017 12:41 IST
(Reuters photo)

French spirits maker Pernod Ricard said on Thursday that sales growth slowed slightly in the third quarter, reflecting weakness in India and the earlier timing of the Chinese New year.

Pernod, the world’s second-biggest spirits group after Britain’s Diageo, kept its profit outlook unchanged and achieved some robust quarterly growth in the United States and in Europe.

Pernod Ricard posted sales of 1.987 billion euros ($2.13 billion) in the three months to March 31, up 3% on a like-for-like basis, compared with 4% growth in the second quarter.

This was, however, above the average of analysts’ estimates for 1% growth in a company-compiled consensus.

The owner of Mumm champagne, Absolut vodka and Martell cognac kept its forecast for underlying operating profit growth of between 2% and 4% in the full year to June 30.

In India, which accounts for about 10% of Pernod Ricard group revenue, a government ban on high-value bank notes held back local consumption. There has also been a ban on alcohol sales near highways in India since April 1.