French group Pernod Ricard said the strong euro has wiped 70m euros off its first quarter sales which fell 38% as it disposed of non-core businesses to focus on its wine and spirits portfolio.
Group turnover came in at 740m compared to 1.19bn euros in 2002 . The drop follows the sale of non-core assets such as Irish wholesaler and distributor BWG, sold in the wake of Pernod’s joint acquisition of the Seagram drinks portfolio.
However, sales of its wine and spirits brands rose 10.6% to 713m euros. Growth of newly acquired Chivas Regal scotch and Martell brandy jumped 26%. Jacob's Creek wine was up 5%, while Seagram’s gin fell by 8% and Ricard by 7.5%.
Sales were flat in France, up 17% in the rest of Europe, down 11.4% in the Americas, with its Asia-Pacific markets performing best with a sales increase of 40.6%.
Group turnover came in at 740m compared to 1.19bn euros in 2002 . The drop follows the sale of non-core assets such as Irish wholesaler and distributor BWG, sold in the wake of Pernod’s joint acquisition of the Seagram drinks portfolio.
However, sales of its wine and spirits brands rose 10.6% to 713m euros. Growth of newly acquired Chivas Regal scotch and Martell brandy jumped 26%. Jacob's Creek wine was up 5%, while Seagram’s gin fell by 8% and Ricard by 7.5%.
Sales were flat in France, up 17% in the rest of Europe, down 11.4% in the Americas, with its Asia-Pacific markets performing best with a sales increase of 40.6%.
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