Revenue for the first half of the Pernod-Ricard group 2022/23 amounted to €7,116m, organic growth of +12% (+19% in nominal terms), including a favorable exchange rate effect of +355 M€, mainly due to the appreciation of the US dollar against the euro. This turnover is growing in all regions: America: +7%, dynamic growth driven in particular by the United States, with a favorable phasing effect of shipments2, Brazil and Canada, Asia/Rest of the World: +18%, excellent growth driven by India, Turkey, Travel Retail and the rebound in South Asia H1 revenue in China reflects a solid first quarter with a good Mid Autumn Festival and a second quarter mixed, partially offset by a favorable phasing effect of shipments ahead of the Chinese New Year3. The outlook in China inspires optimism with the lifting of Covid and Europe restrictions: +6%, very good performance from Western Europe and the Travel
All categories of spirits are growing by double digits:
- International Strategic Brands: +13%, strong momentum in particular with the Scotch, Jameson and Absolut portfolio (note the figures for GH Mumm with 4.8 million bottles and that of Perrier-Jouët with 2.4 million bottles with a 10% increase in mix/price)
- Local Strategic Brands: +13%, with the growth of Seagram’s Indian whiskeys and Seagram’s gin,
- Marques Specialty : +14%, continued very strong development of Lillet, Italicus, Malfy, Redbreast, Aberlour and Altos,
- Strategic Wines: -2%, mixed performance mainly in the United Kingdom
The strong price effect at +10%, driven by the strong attractiveness of the brand portfolio. Further price increases are planned for the second half. Innovations and the Prestige segment are growing strongly, respectively +16% and +10%. Second quarter sales amounted to €3,808 million, organic growth of +12%, accelerating compared to the first quarter (+11%). Current net income, Group share amounted to €1,743m, up +21% in face value compared to H1 2021/22. Net income, Group share amounted to €1,792 million, up +29%, mainly reflecting an increase in Current Operating Income. In a context that remains volatile, Pernod Ricard anticipates, with reinforced confidence, the continuation of a strong momentum during the 2022/23 financial year, driven by a global and balanced geographical presence as well as by the attractiveness of a diversified portfolio of brands premium :On the occasion of the publication of the group’s turnover, Alexandre Ricard, Chairman and Chief Executive Officer declared:“We delivered a very good performance in the first half, characterized by strong balanced and diversified growth across all regions and categories. The very significant price effect highlights the desirability of our brand portfolio, allowing us to maintain our margins in an inflationary environment. To support our growth, we are continuing our investments and our operational efficiency initiatives in order to nurture the attractiveness of our brands, the digital transformation and the deployment of our roadmap. Sustainability and Responsibility. Strengthened by the relevance of our strategy and the exceptional commitment of our teams around the world, I am confident that this dynamic growth will continue in the second half, despite a normalizing environment”.
