保乐力加Q1有机销售降0.9%好于预期，但维持谨慎全年指引，印度高增长对冲美中下滑

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Investing.com -- Pernod Ricard SA (EPA:PERP) reported a smaller-than-expected decline in first-quarter organic sales on Thursday, as a rebound in India and growing volumes offset steep declines in the United States and China, though the Jameson maker kept its cautious full-year outlook.
Organic net sales fell 0.9% in the quarter, above company-compiled consensus of a 1.7% decline. Forecasts in the consensus ranged from a 3.8% decline to a 0.2% decline.
Reported net sales fell 6.3% to €2.23 billion, hit by a €127 million negative perimeter impact mainly from the disposal of Imperial Blue and Wines, and a €3 million negative currency impact mainly from the Indian rupee and Turkish lira.
Volumes returned to growth, rising 6%, while volumes of its Strategic International Brands rose 2%. Excluding the United States and China, sales in the rest of the world grew 4%.
Sales in India rose 19%, which the company said was driven by strong demand and continuing premiumisation.
It cited very strong double-digit growth in imported spirits, including Jameson, Absolut and Ballantine’s. It also cited the benefit of lapping last year’s excise policy changes in Maharashtra state.
The company said it is taking preparatory steps for a potential initial public offering of its Indian business, leading to a "pipe-fill effect" that further benefited first-quarter sales. The decision to proceed remains subject to board approval. Asia-Rest of the World sales rose 9%.
U.S. sales fell 10%, affected by inventory adjustments, as expected. The company said the total U.S. spirits market was down about 2% in value and bottled spirits about 4%.
China sales fell 25%, due to trade inventory adjustments in a challenging macroeconomic environment.
Underlying depletions in China returned to growth, which the company said reflected cautious trade optimism ahead of the Mid-Autumn Festival.
Martell’s off-trade depletions grew, while on-trade sales remained pressured by the regulatory crackdown.
Europe sales fell 6%, on phasing in some markets and continuing on-trade pressure. Americas sales fell 9%. Global Travel Retail sales fell 4%, affected by the Middle East conflict.
For the full year, the company expects organic net sales "broadly stable" in what it called a contrasted and uncertain environment. It expects declines in the United States and China, impacted by inventory adjustments as from the first quarter, with underlying trends expected to improve in China.
It also expects continued positive momentum in the rest of the world, with strong growth in India.
For fiscal 2027 to 2029, citing current softness in the U.S. market, it aims for organic net sales growth, on average, close to the lower end of a 3% to 6% range.
It expects organic operating margin expansion supported by €1 billion of operational efficiencies from fiscal 2026 to 2028. It is targeting a net debt to EBITDA ratio below 3x by fiscal 2029.