French spirits maker Pernod Ricard has said that the coronavirus pandemic will not hit its full year profit as strongly as it initially feared, citing more resilient sales in US and Western European supermarkets and strong cost control.
Profit From Recurring Operations
Pernod Ricard, which owns Mumm champagne, Absolut vodka and Martell cognac, said that it is now expecting full fiscal year 2020 profit from recurring operations to fall 15% organically instead of the 20% forecast in March.
Echoing Remy Cointreau
The rosier outlook echoes that of smaller French peer Remy Cointreau, which said earlier this week that its first-half earnings will fall less than it originally feared as a rise in cocktail drinking at home helped to offset a collapse in demand from travel retail and events due to the coronavirus pandemic.