Skip to content
Search
AI Powered
Latest Stories

Pernod Ricard profits jump on price hikes

French spirits giant Pernod Ricard posted Thursday a 13-percent jump in its annual net profit as the owner of Absolut vodka, Jameson whiskey and Beefeater gin raised prices.

The group, whose other brands include Malibu rum, Martell cognac and Pierre-Jouet champagne, reported a profit of €2.26 billion (£1.94bn) for its 2022-2023 fiscal year.


Its sales also rose by 13 per cent to €12.1bn, but they were only up one percent in terms of volume. The group also benefited from favourable foreign exchange rates.

Food and drink companies have raised prices as inflation soared last year following Russia's invasion of Ukraine. Consumer prices had already been rising after countries emerged from Covid restrictions.

But inflation has eased in recent months as central banks have hiked interest rates in efforts to rein in consumer prices.

"Pernod Ricard once again delivered a very strong full-year performance, achieving double-digit broad-based growth in sales and earnings despite a volatile environment," chief executive Alexandre Ricard said in a statement.

"The relevance of our growth strategy, the desirability of our brands and the unwavering commitment and agility of our teams enabled us to gain share in most markets and strengthen pricing," he said.

The group reported sales growth in every region and strong performances by its strategic international brands, led by Scotch drinks, Martell, Jameson and Absolut.

The company said it would stick to its outlook of net sales growth of four to seven percent between fiscal years 2023 and 2025.

"While the environment in FY24 (fiscal year 2024) remains challenging, I am confident in Pernod Ricard's ability to deliver on its medium-term objectives," Ricard said.

(AFP)

More for you

Britain's Prime Minister Keir Starmer addresses issue of rising retail crime

Britain's Prime Minister Keir Starmer

Photo by OMAR HAVANA/POOL/AFP via Getty Images

Keir Starmer vows to tackle rising retail crime

The Labour government is getting rid of a "shoplifters’ charter" to take a grip on rising retail crime left behind by the Conservative party, prime minister Keir Starmer stated on Wednesday (5) in the Commons Chamber.

Starmer was answering a question raised by Labour MP Claire Hughes when he acknowledged that shoplifting is no more a "low level" crime.

Keep ReadingShow less
'Snacking desire' under attack

Major consumer shift expected in snacking

iStock image

Brands urged to innovate as weight loss meds to impact 'snacking desire'

Customer habits of snacking and alcohol consumption are expected to see a major shift in the coming years with growing evidence that weight loss medication users show little interest in snacking, consuming alcohol, or even eating between meals, a recent report has stated.

This was one of the key messages from ‘The 2025 Show’, a virtual event hosted by MMR Research, where top industry voices unpacked what’s coming next for brands and product innovation.

Keep ReadingShow less
Gander has been nominated for The Earthshot Prize 2025, a leading global environmental award.

Gander- leading global environmental award

Gander

Gander nominated for leading global environmental award

Gander has announced its nomination for The Earthshot Prize 2025, an accolade that celebrates groundbreaking solutions to the world's most pressing environmental challenges.

Nominated by BVRio, this marks Gander's third opportunity to contend for the prestigious prize, reaffirming its role as a global leader in waste reduction and sustainability.

Keep ReadingShow less
Diageo CEO sees 'big opportunity' in alcohol-free drinks

Diageo portfolio

Photo by Dimitrios Kambouris/Getty Images

Diageo sees 'big opportunity' in no, low-alcohol

Diageo believes the no- and low-alcohol category is a “big opportunity for the industry” and for the company, its CEO has said.

Speaking at a press briefing for Diageo’s financial results for the first half of fiscal 2025 at its London headquarters, CEO Debra Crew voiced her optimism for the no-and-low segment and noted that the group’s non-alcoholic portfolio is up by approximately 56 per cent.

Keep ReadingShow less
Mondelēz financial results reveal cocoa challenges, strong revenue growth in 2024

Mondelez International headquarters in Chicago, US

Photo: iStock

Mondelēz reports strong earnings, expects profit hit in 2025 over cocoa prices

Cadbury and Oreo maker Mondelēz International has on Wednesday announced its fourth quarter and full-year 2024 financial results, highlighting robust revenue growth, strong earnings, and significant shareholder returns despite ongoing economic challenges.

The company, however, said it expects a 10 per cent hit on its profits this year over increased cocoa prices.

Keep ReadingShow less