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The Pernod Ricard wines and spirits group says it is cautious after a fiscal year 2019-2020 impacted by COVID-19.
Pernod Ricard expects a still “volatile and uncertain” environment for its 2020-2021 fiscal year due to the coronavirus epidemic that affected its sales and results in 2019-2020.
Indeed, the Group’s annual revenues fell by 9.5% to 8.45 billion euros, with a 36.2% decline in the fourth quarter alone, ending at the end of June, strongly affected by the health crisis.
Profit from recurring operations for 2019-2020 decreased by 13.7% to 2.26 billion euros and gross margin declined by 140 basis points.
For its part, net profit attributable to equity holders of the parent fell by 77% to 329 million euros, mainly due to asset impairments of one billion euros related to the health crisis, particularly on the Absolut brand.
It should be noted that during the period from April to June, the brand was marked by the closure of its many points of sale, particularly in airports (Travel Retail).
As a result, year-on-year revenue plunged 37.9%, after a 13.3% decline in the previous quarter.
Sales for the last quarter amounted to 1.24 billion euros, compared with 2 billion euros for the same period last year.
“We expect a sustained slowdown in Travel Retail, but good resilience in Off-trade in the US and Europe, and a gradual recovery in China, India and On-trade globally,” said CEO Alexandre Ricard.
The Board of Directors intends to propose a dividend payment of 2.66 euros per share for the past fiscal year, compared to 3.12 euros a year earlier, at the Annual Shareholders’ Meeting on November 27.
Read also > PERNOD RICARD RAISES ITS ANNUAL PROFIT FORECAST
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The Pernod Ricard wines and spirits group says it is cautious after a fiscal year 2019-2020 impacted by COVID-19.
Pernod Ricard expects a still “volatile and uncertain” environment for its 2020-2021 fiscal year due to the coronavirus epidemic that affected its sales and results in 2019-2020.
Indeed, the Group’s annual revenues fell by 9.5% to 8.45 billion euros, with a 36.2% decline in the fourth quarter alone, ending at the end of June, strongly affected by the health crisis.
Profit from recurring operations for 2019-2020 decreased by 13.7% to 2.26 billion euros and gross margin declined by 140 basis points.
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The Pernod Ricard wines and spirits group says it is cautious after a fiscal year 2019-2020 impacted by COVID-19.
Pernod Ricard expects a still “volatile and uncertain” environment for its 2020-2021 fiscal year due to the coronavirus epidemic that affected its sales and results in 2019-2020.
Indeed, the Group’s annual revenues fell by 9.5% to 8.45 billion euros, with a 36.2% decline in the fourth quarter alone, ending at the end of June, strongly affected by the health crisis.
Profit from recurring operations for 2019-2020 decreased by 13.7% to 2.26 billion euros and gross margin declined by 140 basis points.
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