
Pernod Ricard: FY earnings down 35%
(CercleFinance.com) - For FY 2023-24, Pernod Ricard has reported a 35% drop in net income, group share, to just under E1.
48bn, along with a 7% decline in operating profit from ordinary activities to nearly E3.12bn (+1.5% organically).
The spirits group's operating margin was thus down to 26.9% on a reported basis, but up 80bp to 28.4% on an organic basis, on sales of E11.6bn, down 4% as reported and down 1% on an organic basis.
The owner of brands such as Absolut, Jameson and Martell explained that good performances in many mature and emerging markets more than offset the continuing normalization in the US and a more difficult Chinese market.
Pernod Ricard achieved a solid performance in an uncertain economic and geopolitical environment, marked by the normalisation of the spirits market after two years of exceptional post-Covid growth, said CEO Alexandre Ricard.
For 2024-25, the group expects a return to organic sales growth, with a gradual improvement in volumes, and to maintain the organic operating margin. It also reiterates its medium-term ambition 'with confidence'.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
48bn, along with a 7% decline in operating profit from ordinary activities to nearly E3.12bn (+1.5% organically).
The spirits group's operating margin was thus down to 26.9% on a reported basis, but up 80bp to 28.4% on an organic basis, on sales of E11.6bn, down 4% as reported and down 1% on an organic basis.
The owner of brands such as Absolut, Jameson and Martell explained that good performances in many mature and emerging markets more than offset the continuing normalization in the US and a more difficult Chinese market.
Pernod Ricard achieved a solid performance in an uncertain economic and geopolitical environment, marked by the normalisation of the spirits market after two years of exceptional post-Covid growth, said CEO Alexandre Ricard.
For 2024-25, the group expects a return to organic sales growth, with a gradual improvement in volumes, and to maintain the organic operating margin. It also reiterates its medium-term ambition 'with confidence'.
Copyright (c) 2024 CercleFinance.com. All rights reserved.