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Bottles of Ricard's aniseed-flavoured beverage are pictured at the Ricard manufacturing unit in Lormont, near Bordeaux, France February 15, 2019. REUTERS/Regis Duvignau/File Photo Acquire Licensing RightsPARIS/LONDON, Oct 19 (Reuters) - French spirits maker Pernod Ricard (PERP.PA) said on Thursday it expected to grow sales over the coming year, despite a difficult first quarter marred by big drops in sales in the United States and China. Pernod struggled as a tough economy in China dampened demand and amid inventory adjustments in the United States, where sales are also normalising after a post-COVID surge. "I am confident that we can deliver broad-based and diversified sales growth in FY24," Ricard said in a statement. But, he continued, it's not clear to what degree there will have been improvement in the economic environment hurting Pernod's performance right now.

Persons: Regis, Pernod Ricard, PERP.PA, Pernod, Alexandre Ricard, Ricard, Martell, Mumm, Pernod's, Bernstein, Trevor Stirling, it's, Helene de Tissot, Dominique Vidalon, Emma Rumney, Sherry Jacob, Phillips, Mark Potter Organizations: Ricard, REUTERS, Diageo, Thomson Locations: Lormont, Bordeaux, France, LONDON, United States, China, India, Americas, Paris, London

☆ Absolut Vodka and Coke's Sprite to combine in canned cocktail
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Coca-Cola logo is pictured during an event in Paris, France, March 21, 2019. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsLONDON, Oct 16 (Reuters) - Absolut Vodka and lemonade drinkers will soon be able to sip their preferred cocktail from a can, after drinks makers Pernod Ricard (PERP.PA) and Coca-Cola (KO.N) agreed to a pre-mixed version made from the spirit combined with Sprite. France's Pernod and Coke said on Monday the Absolut & Sprite canned cocktail will be launched in select European markets, including Britain, the Netherlands and Spain, from early 2024. The cans will feature two of the world's most recognisable trade marks, the companies said. Reporting by Emma RumneyOur Standards: The Thomson Reuters Trust Principles.

Persons: Benoit Tessier, Pernod Ricard, Coke, Jack Daniels, Emma Rumney Organizations: REUTERS, Thomson Locations: Paris, France, Britain, Netherlands, Spain

☆ Pernod Ricard shares face a lengthy dry spell
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

A glass of cognac is pictured on a bar in the Manhattan borough of New York City, November 13, 2015. REUTERS/Mike Segar Acquire Licensing RightsLONDON, Aug 31 (Reuters Breakingviews) - Pernod Ricard (PERP.PA) shareholders have few reasons to cheer. The owner of Mumm champagne and Absolut Vodka said that China’s property crunch was making wholesalers cautious and keeping punters out of nightclubs. China has been a key source of growth for drink-makers: helped by Asia, Pernod Ricard’s sales outside of Europe and the Americas grew 17% in 2023. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Segar, Pernod Ricard, Mumm, Remy Cointreau, Aimee Donnellan, Mukesh Ambani’s, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Investors, Pernod, Diageo, X, Thomson Locations: Manhattan, New York City, U.S, China, Asia, Europe, Americas

☆ Remy Cointreau confident on H2 rebound after weak start to year
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

PARIS, July 25 (Reuters) - French spirits group Remy Cointreau (RCOP.PA) on Tuesday reported a fall in first-quarter organic sales, reflecting weaker U.S. demand, high year-ago comparables and destocking, and said it was banking on a sharp rebound in sales in the U.S. from the third quarter. The recovery in China, which makes 35% of group sales at par with the United States, was led by all cognac brands including CLUB, VSOP, XO and Louis XIII. During the COVID-19 pandemic, Remy Cointreau and rivals such as Pernod Ricard (PERP.PA) benefited from people drinking more expensive types of alcohol at home. There have, however, been signs that spirits industry growth was slowing, notably in the United States, as positive effects from the pandemic fizzle out. ($1 = 0.9033 euros)Reporting by Dominique Vidalon; Editing by Varun H K and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Remy Cointreau, Remy Martin, Cointreau, Louis XIII, Jefferies, Pernod Ricard, Dominique Vidalon, Varun, Stephen Coates Organizations: CLUB, Louis, Thomson Locations: U.S, China, United States, EMEA, Asia

☆ China growth concerns weigh on European shares at open
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of LVMH Moet Hennessy Louis Vuitton is seen during the company's shareholders meeting in Paris, France, April 20, 2023. REUTERS/Gonzalo Fuentes/File Photo/File PhotoJuly 5 (Reuters) - European shares fell on Wednesday as fresh data pointing to China's faltering economic recovery soured investor sentiment, which has been under pressure from uncertainty about future monetary policy steps by major central banks. The pan-European STOXX 600 index (.STOXX) was down 0.4% by 7:02 GMT, following a quiet session on Tuesday when the U.S. markets were closed for Independence Day. Miners (.SXPP) fell 1.0% and were the biggest sectoral decliners as concerns around weak demand from top consumer China, as well as slowing growth in other major economies, hurt metal prices. Reporting by Amruta Khandekar; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: LVMH Moet Hennessy Louis Vuitton, Gonzalo Fuentes, Pernod Ricard, Hermes, Amruta Khandekar, Dhanya Ann Thoppil Organizations: REUTERS, Independence, Thomson Locations: Paris, France, U.S, China

[1/2] A sign reading "Low prices for you" is seen on a shopping trolley in a supermarket in Nice, France, March 1, 2023. REUTERS/Eric Gaillard/File PhotoLONDON/PARIS, June 23 (Reuters) - Danone (DANO.PA) and Kellogg (K.N) are among 75 consumer goods companies that French authorities have asked to cut prices, according to a list seen by Reuters that sources say the government is using for the initiative. The French government is using the list seen by Reuters, produced by a research group, as a reference for the project, according to three sources with knowledge of the matter. Some consumer goods makers have said recently that costs are starting to ease, leading lawmakers and regulators to accuse companies of keeping prices high unnecessarily. Investors have in recent months warned that consumer goods companies should start easing price increases as supply chain costs decline, worried that further hikes could hit market share and margin growth.

Persons: Eric Gaillard, Bruno Le Maire, Knorr, Avril, Pernod Ricard, Kellogg, Richa Naidu, Matt Scuffham, Jan Harvey Organizations: REUTERS, Danone, Kellogg, Finance, Reuters, Unilever, Nestle, ABI, Thomson Locations: Nice, France, PARIS, Ukraine

☆ Easy Diageo succession belies new CEO’s hard job
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

On Tuesday, the 80 billion pound maker of Guinness and Don Julio tequila announced that Chief Operating Officer Debra Crew would replace CEO Ivan Menezes in July. Menezes has been gunning for 5%-7% annual revenue growth and a 6%-9% annual increase in operating profit over the next three years. The company operates with a 31% operating profit margin, higher than its closest rival Pernod Ricard (PERP.PA), which runs on 29%. With the price of staff, ingredients and packaging soaring, cost cutting will be hard to pull off. Diageo’s smooth succession may lay the path for a bumpy road.

☆ European stocks rebound as banking jitters ease
▼ + stars: | 2023-03-27 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

European banks (.SX7P) rose 0.9% after shedding 3.8% on Friday, when Deutsche Bank (DBKGn.DE) sparked a rout in the sector. "Many investors still don't want to touch the banking sector for fears there is more distress to come," said Russ Mould, investment director at AJ Bell. "Yet for every bleak situation, there is always someone who sees an opportunity to make money, hence why we're seeing a rise in the share price of many European banks today." European stocks are looking to end the first quarter of the year with gains, buoyed by signs of economic resilience and hopes that central banks are near the end of their tightening cycles. However, European banks are set to end the quarter nearly flat amid the banking sector turmoil.

☆ Brown-Forman misses quarterly profit estimates as costs weigh
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Brown-Forman Corp (BFb.N) missed Wall Street expectations for third-quarter profit on Wednesday, as the Jack Daniel's whiskey maker struggled to keep a tight lid on costs. Spirit makers such as Brown-Forman have had to raise prices to shield their margins from soaring transportation and input costs. The company's selling, general and administrative expenses rose 14% to $186 million in the quarter. On an adjusted basis, the company earned 25 cents per share, missing analysts' average estimate of 47 cents, according to Refinitiv data. The Louisville, Kentucky-based company's quarterly revenue rose 4.2% to $1.08 billion, edging past analysts' expectations of $1.01 billion.

☆ Pernod Ricard eyes more price hikes in second half, confident on China
▼ + stars: | 2023-02-16 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

The world's second largest spirits group after Diageo (DGE.L) reported forecast-beating first-half profit and sales, helped by price hikes of around 10%. During the COVID pandemic Pernod Ricard and its rivals benefited from people drinking more expensive types of alcohol at home. There have been, however, growing signs the spirits industry growth was stabilising, notably in the United States, as positive effects from the pandemic fizzle out. The strong first-half reflected a 5% rise in the United States, Pernod's top market, with growth driven by strong price hikes across its portfolio. In China, first-half sales grew 4%, reflecting a strong first quarter with solid demand for Martell cognac during the Mid-Autumn festival but a soft second quarter due to COVID-19 restrictions.

Pernod Ricard India said it strongly denies the allegations of the directorate, adding that it "will continue to fully cooperate with the Indian authorities in this matter." Benoy Babu, head for international brands for Pernod India, was arrested in November and remains in jail over the case. He faces allegations of money laundering under Indian laws and violating Delhi's liquor policy rules, but has denied wrongdoing. Under the 2021 Delhi liquor policy, hundreds of store licences were awarded to private players as the city government exited the retail business in a move to liberalise trade and boost local government revenue. One Enforcement Directorate document dated Nov. 10 says: "The main motive of Pernod Ricard in cartel creation was to ensure that the retail shops of the cartel partners purchased higher quantity of Pernod Ricard brands ... in lieu of the financial assistance provided."

☆ Pernod Ricard confident about Europe, Mid-East, Africa and Latam business
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

PARIS, Nov 22 (Reuters) - French spirits group Pernod Ricard (PERP.PA) is confident that its business in Europe, the Middle East, Africa and Latin America (EMEA/LATAM) will continue to deliver above market sales growth while protecting its margins in the 2023 fiscal year, EMEA-LATAM CEO Gilles Bogaert said on Tuesday. Bogaert was speaking in a video clip ahead of an investor presentation later in the day. A key focus for the region, which accounts for about 30% of group sales, entailed growing revenue to protect margins, continuing to increase prices, "agile" resource allocation and further digital transformation, he said. Last month, Pernod Ricard, the world's second-biggest spirits group behind Diageo (DGE.L), said it was confident group sales growth would remain dynamic through the fiscal year to June 30 after it delivered forecast-beating sales in the first quarter helped by price increases as consumers trade up to its premium spirits. Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Macy's raises annual profit forecast on firm luxury demand
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Upscale department store chain Macy's Inc (M.N) raised its annual profit forecast on Thursday on resilient demand for high-end suits, gowns and beauty products as wealthier shoppers were undeterred by inflation. Like other retailers, Macy's has introduced more discounts to clear excess stock of casual and athleisure apparel, while luxury goods sales has held up relatively well. The department store chain said it expects fiscal 2022 adjusted profit of $4.07 to $4.27 per share compared with its previous forecast of $4 to $4.20. Net sales at the department store chain fell to $5.23 billion in the third quarter ended Oct, 29 compared with $5.44 billion a year earlier. Reporting by Deborah Sophia and Uday Sampath in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Indian court sends Pernod Ricard exec, Aurobindo director to agency custody
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

The court's decision came hours after P. Sarath Chandra Reddy of Aurobindo Pharma and Pernod Ricard's Benoy Babu were arrested by the Enforcement Directorate (ED), the country's federal financial crime-fighting agency. The ED last month raided several liquor companies, suppliers and distributors in a money-laundering investigation, according to media reports. Babu is a general manager at Pernod Ricard and handles the French company's international brands business in India, according to his LinkedIn profile. Spokespersons for Pernod Ricard and Aurobindo did not immediately respond to Reuters' requests for comment. Shares in Aurobindo, which makes a range of medicines from antibacterials to antidepressants, fell by 11.75% by close of day.

☆ European shares gain ground on boost from travel stocks
▼ + stars: | 2022-11-07 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

REUTERS/StaffSummarySummary Companies Flutter, Ryanair lead travel stocks higherTravel & leisure index hits near 3-month highsChina-exposed luxury companies declineIrish stocks rallyNov 7 (Reuters) - European shares rose on Monday, reversing declines from the opening bell, as a jump in travel stocks helped outweigh a drag from China-exposed luxury giants. The benchmark STOXX 600 index (.STOXX) added 0.6% by 0929 GMT, extending gains after its fourth straight weekly rise. Flutter Entertainment Plc rose 4.5%, boosting European travel & leisure stocks (.SXTP) by 2.3% and helping it touch a near three-month high. European luxury stocks, including LVMH (LVMH.PA), Pernod Ricard (PERP.PA) and Hermes International (HRMS.PA), dipped between 0.1% and 0.4%. Dutch fertiliser maker OCI (OCI.AS) fell 3.7% to the bottom of the STOXX 600 after J.P. Morgan cut its rating on the stock on softer quarterly outlook.

☆ European shares rise as China reopening hopes lift luxury, mining stocks
▼ + stars: | 2022-11-04 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The STOXX 600 (.STOXX) rose 1.1% by 0932 GMT. The European basic resources index (.SXPP) surged 4.6% to a seven-week high and was set for its biggest weekly gain in more than three months. Luxury giants including LVMH (LVMH.PA), Kering (PRTP.PA), Pernod Ricard (PERP.PA) and Hermes International (HRMS.PA) climbed between 2.5% and 3.5%. Among other stocks, manufacturer Andritz (ANDR.VI) surged 9.2% to the top of the STOXX 600, as its quarterly sales and profit rose significantly. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Subhranshu Sahu and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ European shares jump as luxury stocks, miners rally amid Fed pivot hopes
▼ + stars: | 2022-11-01 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

SummarySummary Companies Luxury stocks lift euro zone blue-chipsMining, energy stocks rise on higher commodity pricesFed's two-day meeting to start later in the dayMonte dei Paschi up as cash call 93% coveredNov 1 (Reuters) - European shares jumped on Tuesday, boosted by miners and luxury stocks, amid rising hopes that the U.S. Federal Reserve would slow down the pace of its interest rate hikes next month. The pan-European STOXX 600 index (.STOXX) rose 1.2% by 0905 GMT, kicking off November on a solid footing and hovering at their highest in more than six weeks. The EURO STOXX 50 index (.STOXX50E) gained 1.2% after luxury giants including LVMH (LVMH.PA), Kering (PRTP.PA), Hermes International (HRMS.PA) and Pernod Ricard (PERP.PA) jumped between 2.2% and 3.9%. Miners in Europe (.SXPP) leapt 3.0% while oil & gas stocks (.SXEP) added 1%, as prices of oil and industrial metals rose against declines in the dollar. ECB President Christine Lagarde said the central bank must keep raising interest rates to fight off inflation even if the probability of a euro zone recession has increased.

A couple walk with Hermes shopping bags as they leave an Hermes store in Paris March 21, 2013. Hermes (HRMS.PA) and Pernod Ricard (PERP.PA) both said they will continue to raise prices, after beating expectations in the July-September quarter. Mainland China also saw a strong rebound after COVID-19 restrictions were lifted, although some restrictions have since been reimposed. PRICE RISESThe world's biggest luxury group LVMH (LVMH.PA) last week kicked off the earnings season with forecast-beating sales -- and no signs of a let-up in demand. The results from Pernod and Hermes bode well for beauty giant L'Oreal (OREP.PA) and Gucci-owner Kering (PRTP.PA), which both report results later on Thursday.

☆ Pernod Ricard confident over FY as Q1 sales beat expectations
▼ + stars: | 2022-10-20 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

REUTERS/Denis Balibouse/File PhotoPARIS, Oct 20 (Reuters) - French spirits maker Pernod Ricard (PERP.PA) said on Thursday it was confident sales growth would remain dynamic through its 2023 fiscal year after it delivered a forecast-beating 11% sales growth in the first quarter helped by price increases in the United States, its top market. Pernod, the world's second-biggest spirits group behind Diageo (DGE.L), said the strong start to the year also reflected strong demand in China and in India and a continued rebound in global travel retail. "I am hugely encouraged by our start to the year," Chairman and CEO Alexandre Ricard said in a statement. In China alone, sales rose 9% in the first quarter thanks strong mid-Autumn festival sales. The Martell cognac brand recorded double-digit sales growth during the quarter in China despite COVID restrictions.

The customs authority says Pernod did so to evade full payment of import taxes. Pernod has been "a habitual litigant and always attempts to abuse the due process of law," the filing added, referring to some previous tax demands Pernod challenged in India. It declined further comment due to ongoing litigation and because the filing by the customs authority wasn't public. To compensate for the undervalued imports, Pernod paid "hefty" dividends to the group's holding company, Pernod Ricard in France, which also owns Chivas Brothers, the investigation found. Last week, Pernod said its India CEO, Thibault Cuny, had stepped down due to health reasons.

☆ Pernod Ricard India CEO Cuny steps down due to health reasons
▼ + stars: | 2022-10-14 | by ( Aditya Kalra | ) www.reuters.com time to read: +2 min

Cuny, who has been dealing with health concerns for some years, will take a break from his professional duties on medical advice, but will stay on with Pernod, the company said in its statement to Reuters. Cuny took over as the managing director and CEO of Pernod Ricard South Asia in 2019 after serving as Pernod Ricard Brazil as president and CEO. The company, which is embroiled in various tax and legal battles, is the second biggest spirits player in India where it competes with the likes of Diageo (DGE.L). Reuters reported last week Indian tax authorities, following an investigation, have demanded $244 million from Pernod India for undervaluing certain liquor imports for over a decade to avoid full payment of federal duties. In the interim, Philippe Guettat, Chairman and CEO of Pernod Ricard Asia, will take charge of Pernod Ricard South Asia, including India, the company said.

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