Drinks giant Pernod Ricard has reported sales of $8.5m for the first nine months of the 2013/14 financial year, a decline of -7%.
The company claimed that the decline was due to a “highly unfavourable foreign exchange effect”.
The French drinks firm reported a 3% decline in sales in Asia and the rest of the world due to destocking in the third quarter, excluding China, where sales growth has increased by 5% over the nine months compared to an increase of 2% in the half-year.
There was a 4% growth in the Americas thanks to good performance in Brazil, although this growth in the latter slowed down slightly compared to the first half.
Europe also reported growth of 2%. Western Europe was stable whilst Eastern Europe posted growth of 9%.
Pernod Ricard Chief Executive Officer, Pierre Pringuet said: “In an environment that remains challenging, our performance over the nine months was in line with the half-year and with our annual guidance. I am pleased with the acquisition of Kenwood and with the strengthening of our partnerships with our two largest US distributors, which reinforce the Group’s portfolio and execution capability in the US.”
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Pernod Ricard also announced its plans for its subsidiary, Pernod Ricard USA, to enter into an agreement with F. Korbel & Bros. to purchase assets related to Kenwood Vineyards located in Sonoma Valley, California.
Pernod Richard USA, Chief Executive Officer Bryan Fry stated: “thanks to its long heritage and premium positioning within the well-known Sonoma region, Kenwood offers a unique brand proposition that will strengthen the position of Pernod Ricard’s wine business in the United States.”
The acquisition is expected to close before 30 June 2014.
Laura Bracher, London
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