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Pernod Ricard Q3 Sales Down; Sees FY18 Profit View At Top End Of Forecast Range

French drinks company Pernod Ricard SA (PDRDF.PK,PDRDY.PK,PRN.L) Thursday reported that its third-quarter sales were 1.977 billion euros, down 0.5 percent from last year's 1.987 billion euros.

Americas' sales fell 10 percent to 545 million euros. Europe sales dropped 3 percent, while Asia / Rest of the World sales grew 8 percent.

Sales on an organic basis grew 9.3 percent enhanced by Chinese yuan or CNY and Easter phasing. This comprised 6 percent rise in the Americas and 18 percent jump in Asia-RoW.

Meanwhile, sales declined in Europe by 1% with continued difficulties in Spain and France together with unfavorable shipment phasing in Russia and adverse basis of comparison in UK.

Sales for the first 9 months of FY18 totaled 7.06 billion euros, with organic growth of 6.3%, driven by Emerging markets.

Further, the company said its Board of Directors meeting on April 18 decided to distribute an interim cash dividend of 1.01 euros per share for the current FY18 financial year. The interim dividend will be paid on July 6.

Looking ahead, the company confirmed its FY18 guidance at the top-end of the range, with organic growth in profit from recurring operations expecting around 6%.

The previous outlook was organic growth in profit from recurring operations in a range of between 4 percent and 6 percent.

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