French drinks group Pernod Ricard today reported a 10% rise in first-quarter sales, helped by recovery in the US and strong growth in Asia, Russia and Ukraine. The results beat expectations.
The company, which owns Jameson whiskey, Absolut vodka and Mumm champagne, reported revenue of €1.88 billion for the three months to September 30, up from €1.65 billion last year.
Pernod Ricard said sales of Jameson were up 27% in the three-month period, while sales of its Martell brand jumped 45%. After two years of decline, sales of its Jacob's Creek wine brand rose by 4%.
Pernod said first-quarter trends were encouraging for the full year, with the European market improving, and aimed for growth in operating profit from recurring operations of close to 6%.
It said that sales in Ireland, Spain and the UK fell by 3% in the first quarter, which was a smaller fall that the previous financial year. Overall, sales in Western Europe were stable, while France remained resilient to the economic crisis.
The company is the world's number two drinks company behind Diageo. Earlier this month, Pernod disposed of its New Zealand wine brand Lindauer and related assets for €47m as well as its Renault cognac brand for €10m.
