HomeIndustriesPernod Ricard Posts Stronger-Than-Expected Full Year Profit

Pernod Ricard Posts Stronger-Than-Expected Full Year Profit

Spirits group Pernod Ricard posted better-than-expected financial results for the 2021/22 fiscal year, with its operating profit rising by 19%. While the environment remains volatile due to rising inflation, COVID-induced factory shutdowns in China, and the Ukraine crisis, Pernod Ricard still expects what it calls “dynamic broad-based sales growth” in the first quarter, which began in July.

The owner of brands such as Absolut Vodka, Martell cognac, and Mumm champagne, Pernod Ricard continues to experience high demand for its product line in China, Europe, and the United States. The company increased its market share across these regions while sales revenue was also helped by rising prices, thereby offsetting the damages caused by rising costs.

Profit for the fiscal year was 3.024 billion euros, resulting in a 19% rise that exceeded analysts’ forecasts of 18.1%. With sales of 10.701 billion euros, Pernod Ricard experienced rising demand in several markets, led by a 26% sales increase in India, a 5% rise in China, and an 8% growth in the U.S. market.

Between 2023 and 2025, Pernod Ricard is aiming to achieve its mid-term goal of 4-7% organic sales growth.

Stocks Rise as S&P 500 Looks to End Losing Streak

U.S. stocks rose on Thursday morning, thereby giving hope to the possibility of the S&P 500 snapping its five-day losing streak. The S&P 500...

Rent Prices Fall for Third Straight Month

Rent prices for apartments across the United States fell for a third consecutive month in November, data from the real estate platform RealPage has...

Discover Credit Card Spending Shrinks Amid Inflation

Discover Financial Services confirmed that spending on its credit cards has slowed down in recent months as inflation hits a 40-year high and signs...