Pernod Ricard expects less severe slump in profits

27-Jul-2020 - France

At the French spirits producer Pernod Ricard, the recently launched savings programme is paying off. For this reason, the company is now expecting a slightly less severe decline in profits than previously feared. The operating profit adjusted for special effects in the 2020 financial year (to the end of June) is likely to have shrunk by only around 15 percent year-on-year, as Pernod Ricard announced on Thursday. At the end of March, the spirits producer had still expected the ratio to fall by 20 percent due to the effects of the coronavirus pandemic.

Business in the US and Western Europe has been more robust than feared, it said. In addition, demand in China recovered slowly from April onwards. However, the company was clearly affected by the worldwide slump in travel. /mne/eas/mis (dpa)

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