Pernod Ricard SA said on Thursday that first-half earnings increased sharply as sales grew, and it expects good momentum for the rest of the fiscal year.
The French beverage conglomerate reported total sales of 5.96 billion euros ($6.81 billion) for the six months to the end of December, up 17% in constant currency compared to the same period last year. In the second quarter, growth slowed to 14% from 20% in the first quarter as a result of changing the comparison basis in some markets, Pernod Ricard said.
Operating profit rose 32% to 1.44 billion euros in the half-year period, driven by a strong increase in operating margin, driven by sales growth. Net profit rose to EUR1.39 billion compared to EUR966 million earlier.
For the rest of the fiscal year, Pernod Ricard said it expects sales momentum to continue, thanks to a gradual improvement in business divisions, which include business and travel retail. The company said that this will lead to expansion in operating margins, although there has been a moderation since the first half.
This story has been published without modification to the text from a wire agency feed
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,