European growth boosts flat Pernod Ricard figures
Pernod Ricard has reported flat global sales in a year when it saw a dramatic collapse in China where revenue fell by 23%.
Europe, which has been a troublesome region for global spirits players in recent times, was among its best-performing regions performing region with sales up by 2% in the year to June 30.
Chief executive officer Pierre Pringuet said the global picture had proved “more difficult than anticipated”.
Deputy chief executive officer Alexandre Ricard added: “In this context, which will remain challenging, we anticipate a gradual improvement in our sales growth, and we will increase the investment behind our brands and priority innovations in order to sustain long-term growth.”
Among the group’s top 14 strategic brands Perrier-Jouet and Glenlivet did best with sales ahead by 7% and 6% respectively.
Ballantine’s fell 5% and Martell 4%, the latter impacted by the situation in China, where premium spirits sales have been hit by a government crackdown on extravagant spending by officials.