Pernod Ricard sees sales drop -3% in H1 FY24

Pernod Ricard reported a -3% decline of both organic sales and organic profit from recurring operations for the first half of the financial year 2024.

According to the company’s report, H1 FY24 sales totalled €6,590m, an organic decline of -3% (-7% reported), with a negative FX impact of €(576)m mainly linked to the US dollar, Turkish lira, Chinese yuan and Argentinian peso, with broadly half of it offset by a positive perimeter impact of +€264m.

Alexandre Ricard, chairman and CEO, said: “We delivered a robust performance in the first half of the year, as we confidently steer Pernod Ricard through the normalisation of the spirits market, following two years of outstanding growth.

“We achieved strong gross margin expansion on the back of substantial pricing actions, thanks to the power of our premium portfolio. With a diversified footprint spanning mature and emerging regions and a broad presence across spirits categories, we are able to weather volatility and continue to gain share in many markets.”