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.
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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.
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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)