Pernod Ricard anticipates significant sales growth during fiscal year 2022, following strong demand in China, the United States, and India, which contributed to a 20% increase in sales in the first quarter.
The world's second-largest spirits group indicates that at-home consumption remained resilient, while the reopening of bars and restaurants supported sales growth. However, the travel retail sector was still affected by the pandemic crisis. " We are confident, but we need to get through Christmas and the Chinese New Year, " the company's chairman and CEO, Alexandre Ricard, told Reuters when asked if he felt comfortable with analysts' expectations of 9,7% sales growth for the entire fiscal year.
1th quarter
In the first quarter, Pernod Ricard benefited from a low comparison base with the previous year, which will become progressively less favorable. In the three months ending September 30, the multinational recorded sales of €2,72 billion, up 20%.
The strong start to the year was reflected in a 9% jump in the United States, Pernod Ricard's largest market, with good restocking ahead of the festive season and a recovery in demand for Jameson Irish whiskey as bars and restaurants reopened after Covid-19 restrictions were eased.
In China, sales increased by 22%, driven by demand during the autumn festival and rising prices for Martell cognac. China contributes approximately 9% of Pernod Ricard's sales and is its second largest market.
