By Maitane Sardon

Shares in Pernod Ricard dropped Thursday after some of its fiscal 2023 figures came in shy of consensus expectations.

At GMT 0728, shares fell 4% to EUR186.70.

The French drinks group said organic sales for the year ended June 30 grew 13% on a reported basis to 12.14 billion euros ($13.26 billion). This result was in line with estimates made by analysts covering the stock, Citi's Simon Hales said in a research note, adding that organic sales growth at 10% beat views of 9.5%.

However, although full-year organic group EBIT growth of 11% was ahead of consensus expectations of 10.2%, a worse foreign exchange backdrop left reported EBIT 3.6% below market expectations, Hales said, adding that earnings per share at EUR9.11 also missed consensus views by 2.5%.

"These results are mixed; investors should take comfort in the ongoing firmer organic sales trends, the reiteration of mid-term guidance and the new - and bigger than expected- EUR500 million-to EUR800 million FY24 share buyback program," Hales said.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

August 31, 2023 04:03 ET (08:03 GMT)

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