French spirits giant Pernod-Ricard posts 13% jump in profits
French spirits giant Pernod Ricard has posted a 13-percent jump in its annual net profit on Thursday.
The group, whose brands include Absolut vodka, Jameson whiskey, Beefeater gin, Malibu rum, Martell cognac and Pierre-Jouet champagne, reported a profit of €2.26 billion for its 2022-2023 fiscal year.
Its sales also rose by 13 percent to €12.1 billion, but they were only up one percent in terms of volume. The group also benefited from favourable foreign exchange rates.
Food and drink companies have raised prices as inflation soared last year following Russia's invasion of Ukraine. Consumer prices had already been rising after countries emerged from Covid restrictions.
But inflation has eased in recent months as central banks have hiked interest rates in efforts to rein in consumer prices.
"Pernod Ricard once again delivered a very strong full-year performance, achieving double-digit broad-based growth in sales and earnings despite a volatile environment," chief executive Alexandre Ricard said in a statement.
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"The relevance of our growth strategy, the desirability of our brands and the unwavering commitment and agility of our teams enabled us to gain share in most markets and strengthen pricing," he said.
The group reported sales growth in every region and strong performances by its strategic international brands, led by Martell, Jameson and Absolut.
These days its success derives from its portfolio of international brands, but the group began life as owners of the iconic aniseed-based drink Ricard.
'Born à Marseille' (as its new advertising campaign says) Ricard and other brands of pastis are popular throughout France, but especially in the south.
Traditionally seen as the preferred tipple of old men (often while playing pétanque) the drink has recently undergone a rebrand aiming it at younger people, sometimes in the form of a piscine - a more dilute version with more water added.
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The group, whose brands include Absolut vodka, Jameson whiskey, Beefeater gin, Malibu rum, Martell cognac and Pierre-Jouet champagne, reported a profit of €2.26 billion for its 2022-2023 fiscal year.
Its sales also rose by 13 percent to €12.1 billion, but they were only up one percent in terms of volume. The group also benefited from favourable foreign exchange rates.
Food and drink companies have raised prices as inflation soared last year following Russia's invasion of Ukraine. Consumer prices had already been rising after countries emerged from Covid restrictions.
But inflation has eased in recent months as central banks have hiked interest rates in efforts to rein in consumer prices.
"Pernod Ricard once again delivered a very strong full-year performance, achieving double-digit broad-based growth in sales and earnings despite a volatile environment," chief executive Alexandre Ricard said in a statement.
Calvados to Chartreuse: The ultimate booze map of France
"The relevance of our growth strategy, the desirability of our brands and the unwavering commitment and agility of our teams enabled us to gain share in most markets and strengthen pricing," he said.
The group reported sales growth in every region and strong performances by its strategic international brands, led by Martell, Jameson and Absolut.
These days its success derives from its portfolio of international brands, but the group began life as owners of the iconic aniseed-based drink Ricard.
'Born à Marseille' (as its new advertising campaign says) Ricard and other brands of pastis are popular throughout France, but especially in the south.
Traditionally seen as the preferred tipple of old men (often while playing pétanque) the drink has recently undergone a rebrand aiming it at younger people, sometimes in the form of a piscine - a more dilute version with more water added.
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