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Pernod Ricard Sees 20% Hit To Operating Profit Due To COVID-19

Published on Mar 30 2020 10:00 AM in Drinks tagged: Trending Posts / Pernod Ricard

Pernod Ricard Sees 20% Hit To Operating Profit Due To COVID-19

French spirits group Pernod Ricard has warned of a hit of approximately 20% to its current operating profit as a result of the slump in business caused by the coronavirus crisis.

Pernod had already cut its outlook for full-year profit growth in February as a result of the hit to business from the virus.

Solid Financial Position

Pernod said that it is in a solid financial position to be able to cope with the impact of the outbreak, and that it has €3.4 billion available in credit lines.

"The environment has very significantly deteriorated due to the COVID-19 outbreak. We are encouraged to see that, thanks to the implementation of strong measures, China appears to be starting to make a gradual recovery," Pernod chairman and CEO Alexandre Ricard said.

"While we cannot predict the duration and extent of the impact, we remain confident in our strategy," he added.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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