French beverage producer Pernod Ricard is suffering from declining demand in Asia. Sales growth slowed down considerably compared to a year earlier, but this was already taken into account.
Turnover increased by 4 percent in the first quarter of the broken financial year, helped in part by exchange rate effects, to just under 2.5 billion euros. Growth was 1.3 percent on a comparable basis. A year earlier, turnover rose by more than 10 percent in the first quarter.
The owner of Absolut-vodka and Martell-Cognac maintains his previously issued annual target of 5 to 7 percent growth in recurring earnings on his own. It was also reported that the second largest strong drink manufacturer in the world after Diageo started the first part of its previously reported share buyback program totaling 1 billion euros.