PARIS (dpa-AFX) - Pernod Ricard SA (PDRDF.PK, PDRDY.PK, PRN.L), a French liqueur company, reported Thursday that its first -quarter net sales dropped 8.5 percent to 2.78 billion euros from last year's 3.04 billion euros. Organically, sales declined 5.9 percent.
The company said it experienced a slow start to the year, notably with China in sharp decline, in a context of continuing macroeconomic weakness impacting consumer sentiment, and with the US in decline, reflecting underlying sell-out performance amplified by inventory adjustments.
On a regional basis, Americas' sales dropped 8 percent on a reported basis and 5 percent organically to 787 million euros. Asia / Rest of World sales were 1.18 billion euros, down 11 percent from last year, while organical sales fell 8 percent.
In Europe, sales of 816 million euros dropped 5 percent on a reported basis and 3 percent on an organic basis.
Overall volumes are stable, the company noted.
Looking ahead, the company said it reiterates its confidence in medium-term financial framework of aiming for the upper end of 4 percent to 7 percent organic net sales growth and 50bps / 60bps organic Operating Margin expansion.
For fiscal 2025, the company projects organic net sales back to growth with continuing volume recovery and to sustain organic Operating Margin.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
