Pernod Ricard sales dip 1% in Europe
Pernod Ricard posted a 1% sales dip in Europe during the first quarter of the 2014/15 financial year.
The spirits giant grew sales 2% overall on the previous year, but this was fuelled by growth in the Americas and Asia.
Its wine arm saw sales decline by 3%, but it said Campo Viejo and Brancott Estate continue to grow.
Chief executive Pierre Pringuet said: “Pernod Ricard’s return to growth in the first quarter illustrates the Group’s resilience in a difficult context. We are confident in the strength of our portfolio and distribution network. The roll-out of project Allegro will contribute to strengthening our operational efficiency.”
Alexandre Ricard, deputy chief executive and chief operating officer, added: “For the full financial year we anticipate a gradual improvement in sales, in an environment that will remain difficult.
“We plan to increase investment behind our priority brands and innovations. As a result, our 2014/15 guidance is organic growth in profit from recurring operations between 1% and 3%.”