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Note ban, liquor ban hit Pernod Ricard sales growth in India

Pernod Ricard, world's second-biggest spirits group posted sales of $2.13 bn in 3 months to March 31

Reuters  |  Paris 

Pernod Ricard group
A logo of the Pastis 51 brand by French drinks maker Pernod Ricard group is seen at the 'Club Pernod' in Marseille. File Photo: Reuters

French spirits maker 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.

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

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

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

In India, which accounts for about 10 percent of 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.

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Note ban, liquor ban hit Pernod Ricard sales growth in India

Pernod Ricard, world's second-biggest spirits group posted sales of $2.13 bn in 3 months to March 31

Pernod Ricard, world's second-biggest spirits group posted sales of $2.13 bn in 3 months to March 31

French spirits maker 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.

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

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

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

In India, which accounts for about 10 percent of 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.

image
Business Standard
177 22

Note ban, liquor ban hit Pernod Ricard sales growth in India

Pernod Ricard, world's second-biggest spirits group posted sales of $2.13 bn in 3 months to March 31

French spirits maker 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.

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

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

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

In India, which accounts for about 10 percent of 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.

image
Business Standard
177 22