FY 202122 operating profit 3.024 bln euros, up 19 organic
Pernod Ricard confident can further raise prices in FY 2223
Pernod eyes 500750 mln euros share buybacks in FY 202223

PARIS, Sept 1 Reuters Pernod Ricard reported forecastbeating annual results on Thursday, helped by price increases as the French spirits group benefited, like its rival Diageo, from drinkers trading up to more expensive spirits.

The owner of Mumm champagne, Absolut vodka and Martell cognac said that, while the environment remained volatile with high inflation, the war in Ukraine and COVID lockdowns in China, its sales growth would remain dynamic and broadbased, with a good start to the first quarter that began in July.

Pernod Ricard shares were off 0.5 at 182.60 euros. Brokerage Jefferies said in a note that the message on the first quarter was reassuring, but noted there was no specific profit guidance for fiscal year 2023.

The summer months were good across markets, Chairman and CEO Alexandre Ricard told Reuters by telephone, adding he was confident on Pernod Ricard39;s ability to achieve further price increases this fiscal year.

In China alone, where sales slowed in the fourth quarter due to COVID lockdowns from March, trends had clearly improved since restrictions eased in June, he said.

The world39;s secondbiggest spirits group said that, with recurring free cash flow at a record 1.926 billion euros 1.93 billion, it was offering shareholders a 32 dividend hike to 4.12 euros per share…