RI Pernod Ricard

   By Joshua Kirby 
 

Pernod Ricard SA said Thursday that first-half earnings rose sharply as sales increased, and that it expects good momentum for the rest of the fiscal year.

The French drinks group made total sales of 5.96 billion euros ($6.81 billion) for the six months to the end of December, 17% higher at constant currency than the same period the previous year. In the second quarter, growth slowed to 14% from 20% in the first quarter as a result of changing comparison bases in some markets, Pernod Ricard said.

Operating profit rose 32% in the half-year to EUR1.44 billion, outstripping sales growth as the operating margin grew strongly. Net profit came to EUR1.39 billion compared with EUR966 million previously.

For the rest of the fiscal year, Pernod Ricard said it expects continued sales momentum thanks to gradual recovery in business divisions including on-trade and travel retail. This will drive expansion in the operating margin, although moderating from the first half, the company said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

February 10, 2022 02:06 ET (07:06 GMT)

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