Pernod Ricard Raises 2020 Profit Guidance
23 Juillet 2020 - 8:17AM
Dow Jones News
By Matteo Castia
Pernod Ricard SA said Thursday that it expects a less pronounced
organic decline in annual profit from recurring operations than
previously thought thanks to strong cost mitigation.
The French spirits make said it now forecasts a 15% organic fall
in profit from recurring operations for 2020, a better figure than
the 20% drop initially estimated in its release on March 24, when
it first shared its evaluation of how the coronavirus pandemic
would hit its business.
At that time, Pernod Ricard also projected a 10% sales reduction
in the off-trade--or retail-outlet--market, and an 80% fall in
travel retail.
"There have however been some notable differences [from the
previous forecasts], mainly with India being subject to a full
six-week lockdown of all sales and production, but more resilience
in the off-trade [market], especially in the U.S. and Western
Europe," the company said Thursday.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
July 23, 2020 02:02 ET (06:02 GMT)
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