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Pernod Ricard Q1 Organic Growth In Sales At 1.3%; Confirms FY20 Guidance

Pernod Ricard (PDRDF.PK,PDRDY.PK,PRN.L) reported sales of 2.48 billion euros for the first quarter of fiscal 2020, an organic growth of 1.3 percent over previous year. Reported growth in sales was 4.0 percent due to a favourable FX impact, mainly from US Dollar.

Looking forward, the company confirmed its fiscal 2020 guidance of organic growth in profit from recurring operations of between 5 percent and 7 percent. For fiscal 2020, the company expects a significantly positive FX impact on profit from recurring operations.

Pernod Ricard also said it intends to sign an agreement with an investment services provider to implement a first tranche of the share buy-back programme previously announced of up to 1 billion euros in total. Under the program, the company will undertake to acquire its own shares for a maximum amount of 150 million euros. The purchase will commence October 18, 2019 and end on December 18, 2019.

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