Irish Distillers owner Pernod Ricard said the coronavirus pandemic would not hit its full year profit as strongly as initially feared.
The French spirits maker cited more resilient sales in the US and Western European supermarkets and strong cost control.
Pernod Ricard, which also owns Mumm champagne, Absolut vodka and Martell cognac, said it was now expecting full fiscal year 2020 profit from recurring operations to fall 15% organically, instead of the 20% forecast in March.
The rosier outlook echoed that of smaller French peer Remy Cointreau.
Earlier this week it said its first-half earnings would fall less than feared as a rise in cocktail drinking at home helped offset a collapse in demand from travel retail and events in the coronavirus pandemic.
