Global spirits and wine giant Pernod Ricard raised its annual profit forecast today after seeing a stronger than expected recovery in sales following the removal of Covid-19 restrictions in some key markets.
“The pace of recovery is proving stronger than anticipated,” the French group said in a brief trading update.
“The off-trade continues to be resilient while on-trade demand is accelerating as restrictions are progressively lifted.”
However, Pernod Ricard highlighted that Travel Retail was still “very subdued” amid restrictions on movement around the world.
The owner of Absolut vodka, Malibu, and Jameson whiskey now expects organic profit growth of about 16% for its 2020/2021 fiscal year, up from a previous April forecast of 10%.
The group’s third-quarter results that were published a couple of months ago beat analysts’ expectations after it saw strong demand in its key US and Chinese markets.
Pernod Ricard’s more upbeat outlook sent its shares up to a record high in early trading today.
