Jameson leads strong growth across Irish Distillers brands via IrishTimesBiz
Parent company Pernod Ricard said first-half sales rose more than expected as US drinkers kept spending on spirits and China reopened. Sales rose 12 per cent on an organic basis to €7.1 billion in the six months through December, the maker of Absolut vodka and Chivas Regal said Thursday. Analysts had expected €6.9 billion.
Distillers have been raising prices to counter higher input costs even as they risk consumers trading down to less premium brands. Fellow French spirits maker Remy Cointreau said in January that cognac consumption in the US “normalised” in its most recent quarter, while shipments to China surged. The Pernod results suggest continued US demand for premium spirits despite high inflation and weakening economic growth. At the same time, distillers expect the key Chinese market to pick up as the country reopens following the end of Covid-Zero policies.
“Our first half performance was very strong, marked by broad-based and diversified growth across all regions and categories, chairman and chief executive Alexandre Ricard said in a statement. Mr Ricard said he expects “dynamic growth to continue through 2023, though in a “normalising environment”.The company confirmed it would buy back about €750 million worth of its stock in 2023 with an imminent €300 million repurchase. – Additional reporting: Bloomberg
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