Pernod Ricard Shares Fall After Mixed Fiscal Year 2023 Results

By Maitane Sardon

Shares in Pernod Ricard dropped Thursday after some of its fiscal 2023 figures came in shy of consensus expectations.

At GMT 0728, shares fell 4% to EUR186.70.

The French drinks group said organic sales for the year ended June 30 grew 13% on a reported basis to 12.14 billion euros ($13.26 billion). This result was in line with estimates made by analysts covering the stock, Citi's Simon Hales said in a research note, adding that organic sales growth at 10% beat views of 9.5%.

However, although full-year organic group EBIT growth of 11% was ahead of consensus expectations of 10.2%, a worse foreign exchange backdrop left reported EBIT 3.6% below market expectations, Hales said, adding that earnings per share at EUR9.11 also missed consensus views by 2.5%.

"These results are mixed; investors should take comfort in the ongoing firmer organic sales trends, the reiteration of mid-term guidance and the new - and bigger than expected- EUR500 million-to EUR800 million FY24 share buyback program," Hales said.

Write to Maitane Sardon at [e-mail]

(END) Dow Jones Newswires

August 31, 2023 04:03 ET (08:03 GMT)

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