Pernod-Ricard aims to increase profit by about 6 per cent this fiscal year after joining rivals Diageo and Remy Cointreau SA in reporting sales that beat estimates.
Pernod, which reported first-quarter "organic" revenue growth of 11 per cent, is targeting the increase in earnings after reporting a gain of 8 per cent on the same basis last year.
The French distiller reported a "blowout first-quarter sales performance, but a slightly disappointing full-year profit guidance", Jamie Isenwater, an analyst at Deutsche Bank in London, wrote today. "I suspect that Pernod is being fairly conservative."
Pernod, which makes Chivas Regal whisky and Absolut vodka, also reiterated its forecast to further reduce borrowings to around four times adjusted earnings before interest, taxes, depreciation and amortisation by June 2012. There will be no "transformational acquisitions from our side in this and the next fiscal year," chief executive Pierre Pringuet said today in a phone interview.
Bloomberg
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