French spirits group Pernod Ricard posted a 1% rise in third-quarter underlying sales on Thursday, helped by a strong performance in its top U.S. market and improving demand in Europe.
The world's second-biggest spirits group behind the U.K.'s Diageo however said sales had slowed in Asia because of the later date of the Chinese New Year this year and India's demonetization drive.
Continue Reading Below
The owner of Mumm champagne, Absolut vodka and Martell cognac kept its forecast of a rise of between 2% and 4% in full-year profit from recurring operations, after last year's growth of 2%.
For its fiscal third quarter ended March 31, Pernod Ricard reported sales of 1.99 billion euros, a like-for-like rise of 1%, in line with the consensus of analysts.
Write to Nick Kostov at firstname.lastname@example.org
Corrections & Amplifications
This item was corrected at 0731 GMT to reflect that Pernod's 3Q Organic Rev was up 3% and had beaten analyst consensus. The original headline incorrectly stated that organic rev was up 1% and was in line with analyst consensus.
Pernod Ricard said organic sales grew 3% in its fiscal third quarter. "Pernod 3Q Organic Revenue +1%; In Line With Analyst Consensus," at 0530 GMT, misstated the organic sales figures in the headline and final paragraph.
(END) Dow Jones Newswires
April 20, 2017 03:27 ET (07:27 GMT)