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Jameson is a Pernod Ricard big seller

Thursday, October 25 10:36:53

Jameson Irish Whiskey was one of Pernod Ricard's stellar performers in the first quarter of the French drinks giant's 2012/2013 financial year with a 17pc annual sales growth just behind its top selling Martell brand, it said today.

Pernod Ricard reported weaker-than-expected quarterly sales on easing Asian demand for its Scotch whiskies and Martell cognac and sounded a cautious note for its full-year outlook.

The world's second-biggest spirits group behind Britain's Diageo predicted a rise in underlying profit from recurring operations of close to 6 percent in the year ending June 30, 2013, which would be a slowdown from 9 percent growth in fiscal year 2011/12.

The owner of Absolut vodka and Mumm champagne reported a forecast-lagging 5 percent rise in underlying first-quarter sales, saying demand was more moderate in Asia though still strong while the United States showed good momentum.

The average estimate in a Reuters poll of ten analysts was for first-quarter underlying sales growth of 6.2 percent.

Chief Executive Pierre Pringuet said that he expected the full year to follow the trend seen in its fiscal first quarter.

"We are expecting neither a deterioration nor an improvement from the market trends seen in the first quarter," Chief Executive Pierre Pringuet said in a telephone interview.

Pernod also said second-quarter underlying sales growth would suffer from unfavourable comparisons with the year-ago quarter, which had been boosted by French pre-buying ahead of an excise duty hike and an early Chinese New Year.

Asia and the rest of the world region posted strong but more moderate sales growth of 11 percent in the first quarter. (C ) Reuters