Q3 FY23 Sales

Press Release 27/04/2023

Very strong broad-based sales growth 9M FY23: +8% (9M reported sales: +13%)

FY23 guidance:
Organic growth in profit from recurring operations of c. +10% with some expansion in organic operating margin


9 Month Sales

Sales for the first 9 months of FY23 totalled €9,507m, with a very strong broad-based organic growth of +8%, in a normalising environment, with +9% price effect for the Group and strong pricing in all regions:

Strong underlying performance in Must-Win markets:

  • USA -1%: solid performance with spirits value depletions growing +2%, in a normalising environment. Q3 impacted by H1 phasing and high comparison basis . Strong Sales expected in Q4 against a low comparison basis, along with additional price increases on some brands.
  • China -5%: very dynamic sell-out at the end of Q3 with good post CNY season activity. Very strong sales expected in Q4 as consumer demand recovery is further amplified by favourable comparison basis. Strong rebound in March but Martell January & February Sales impacted by soft festive season and adverse phasing  with inventory adjustment in Q3. Portfolio wide price increases to be taken in May.
  • India +15%: continued excellent performance with strong premiumisation.
  • Global Travel Retail +33%: very strong Sales recovery, with gradual resumption of Chinese travel.

Organic Sales growth in all regions:

  • Asia-RoW: +12%, very strong growth led by India, Travel Retail and Turkey offsetting China. Solid performance in Japan, Thailand, South Korea, and continued rebound in South East Asia.
  • Europe: +6%, value driven growth led by Spain, Travel Retail and Germany.
  • Americas: +2%, growth driven by LATAM.

Growth is diversified by category:

  • Strategic International Brands: continued momentum +7%, notably with the Scotch portfolio, Jameson and Absolut.
  • Strategic Local Brands: very dynamic growth +11%, driven by growth of Seagram’s Indian whiskies, Seagram’s Gin and Kahlua.
  • Specialty Brands: strong development +10%, notably of Lillet, Aberlour, Altos, Malfy and Redbreast.
  • Strategic Wines: -2%, softness mostly from UK.

1 FY22 Q3 Sales +23%. FY23 9M restated USA Sales adjusting for high comps +2%
2 Earlier Chinese New Year vs. FY22

Reported 9M Sales totalled €9,507m and grew +13% with a favourable FX impact of €296m, mainly from US Dollar appreciation, partly offset by depreciation of emerging market currencies. Sales for Q3 of FY23 totalled €2,391m, an organic decline of -2% and a reported decline of -2%.


In a persistently volatile environment and a normalising market, confirmed confidence in delivering a strong performance in FY23:

  • Very strong Q4 Sales on favorable comparison basis, while ensuring healthy levels of inventory at year-end
  • Continuing focus on Revenue Growth Management and Operational Efficiencies to offset cost pressure in high inflationary environment
  • A&P ratio at c.16% of Net Sales and continuing disciplined investments in structure
  • Capex at c.6% of Net Sales and accelerated investments in Strategic Inventories
  • Final c.€300m tranche to be launched imminently to complete c.€750m FY23 share buy back program
  • Some positive currency effect

Guidance: organic growth c.+10% in Profit from Recurring Operations, with some expansion in Organic Operating Margin


An interim dividend of €2.06 per share will be detached on 5 July 2023 and paid on 7 July 2023.
The final dividend will be subject to the AGM decision on 10 November 2023.

Our very strong 9M performance was broad-based and confirms the strength of our business, with resilient volumes, strong pricing and continued dynamism in all our regions and spirits categories.

While the global environment remains volatile and as markets normalise, we are confident in delivering a strong performance for the full year in FY23, with very strong Sales expected in our fourth quarter.

Our full year guidance for FY23 is for organic growth in Profit from Recurring Operations of c. +10% with some Operating Margin expansion.
Alexandre Ricard
Chairman and Chief Executive Officer

All growth data specified in this press release refers to organic growth (at constant FX and Group structure), unless otherwise stated. Data may be subject to rounding.

A detailed presentation of Q3 FY23 Sales can be downloaded from our website: www.pernod-ricard.com 

Definitions and reconciliation of non-IFRS measures to IFRS measures
Pernod Ricard’s management process is based on the following non-IFRS measures which are chosen for planning and reporting. The Group’s management believes these measures provide valuable additional information for users of the financial statements in understanding the Group’s performance. These non-IFRS measures should be considered as complementary to the comparable IFRS measures and reported movements therein.

Organic growth

  • Organic growth is calculated after excluding the impacts of exchange rate movements, acquisitions and disposals and changes in applicable accounting principles and hyperinflation.
  • Exchange rates impact is calculated by translating the current year results at the prior year’s exchange rates.
  • For acquisitions in the current year, the post-acquisition results are excluded from the organic movement calculations. For acquisitions in the prior year, post-acquisition results are included in the prior year but are included in the organic movement calculation from the anniversary of the acquisition date in the current year.
  • Where a business, brand, brand distribution right or agency agreement was disposed of, or terminated, in the prior year, the Group, in the organic movement calculations, excludes the results for that business from the prior year. For disposals or terminations in the current year, the Group excludes the results for that business from the prior year from the date of the disposal or termination.
  • The impact of hyperinflation on Net Sales in Turkey is excluded from P&L organic growth calculations by capping unit price increases to a maximum of +26% per year, equivalent to +100% over 3 years.
  • This measure enables to focus on the performance of the business which is common to both years and which represents those measures that local managers are most directly able to influence.

Profit from recurring operations
Profit from recurring operations corresponds to the operating profit excluding other non-current operating income and expenses.


Press release

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About pernod ricard

Pernod Ricard is a worldwide leader in the spirits and wine industry, blending traditional craftsmanship, state-of-the-art brand development, and global distribution technologies. Our prestigious portfolio of premium to luxury brands includes Absolut vodka, Ricard pastis, Ballantine’s, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur and Mumm and Perrier-Jouët champagnes. Our mission is to ensure the long-term growth of our brands with full respect for people and the environment, while empowering our employees around the world to be ambassadors of our purposeful, inclusive and responsible culture of authentic conviviality. Pernod Ricard’s consolidated sales amounted to € 12,137 million in fiscal year FY23. Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code:FR0000120693) and is part of the CAC 40 and Eurostoxx 50 indices

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