Good resilience of the business
In summary
In the first nine months of the 2012/13 financial year Pernod Ricard demonstrated good resilience of the business in a more challenging macroeconomic environment, as had been announced at the beginning of the year, and one which remains contrasted.
The premium portfolio remains the key driver of performance with:
- continued sustained value growth(1) of the strategic brands
- very favourable price/mix (+6%(1)) for the Top 14
Growth continues to be driven by emerging markets(2) and the United States:
- growth(1) remained strong in emerging markets(2) (+10%(1)), but slower compared to the prior financial year, particularly in Q3 2012/13. China (+11%(1)), India (+17%(1)) and Russia (+19%(1)) remained the main growth drivers for the first nine months of financial year 2012/13.
- continued solid growth(1) in the United States
- slight improvement in Q3 in Western Europe in a context that remains challenging
- gradual improvement of the business in France, as anticipated. The base of comparison for the nine months at end March remains unfavourable. (French pre-buying remaining at end March 2012: '48 million)
Consolidated net sales reached '6,650 million for the first nine months of the 2012/13 financial year. Reported growth was +5%, equating to +4% organic growth with:
- Top 14 up +6%(1)(3)
- emerging markets(2) up +10%(1) and mature markets stable(1)(3)
On this occasion Chief Executive Officer of Pernod Ricard Pierre Pringuet commented: 'Pernod Ricard's business demonstrated good resilience in, as announced at the beginning of the year, a less favourable economic environment. Our growth is still based on the same drivers: our policy of premiumisation and innovation, the strategic brands and strong presence in emerging markets and the United States.' He added: 'Confident in the strength of this model, we confirm our guidance of organic growth in profit from recurring operations of close to +6% for the full financial year 2012/13.'
(1) Organic sales growth
(2) List of emerging markets provided in the appendix
(3) Excluding French pre-buying
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