Pernod assured on gross sales momentum as US and China develop earnings

© Reuters. FILE PHOTO: A logo can be seen on a bottle of the Ricard anise-flavored drink that was displayed during the press conference held by French beverage maker Pernod Ricard to announce the company's annual results in Paris, France, Aug 29, 2018. REUTERS / Christian Hartmann

By Dominique Vidalon

PARIS (Reuters) – French spirits manufacturer Pernod Ricard (PA 🙂 said Wednesday it was confident its sales momentum would continue this year after a rebound in demand in China and the United States helped generate stronger-than-expected annual profits.

The owner of Mumm-Champagner, Absolut Vodka and Martell Cognac, did not provide a concrete earnings forecast for the full year 2021/22, which began on July 1, but said the first quarter would be "very dynamic".

With a recurring cash flow at an all-time high of 1.745 billion euros at the end of June, the group also announced that it would resume its buyback program of 500 million euros for FY 2021/222.

"We give a qualitative outlook for the full year, good sales momentum, supported by recovery in retail, robust off-trade, momentum in e-commerce, but the travel retail business will only improve gradually given the ongoing health restrictions," said CFO Helene de Tissot said Reuters

Pernod Ricard remains "very cautious" about the outlook for the travel retail industry over the next 10 months, she added.

($ 1 = 0.8477 euros)

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