Pernod Ricard: FY results slightly below consensus but in line with company guidanceBUY, Fair Value EUR132 (+41%)
Pernod Ricard’s FY net sales amounted to EUR8558m (+8%), slightly below market expectations due to lower than expected organic growth in Q4 (+3%) despite easy comps in China and the United States. FY EBIT increased 9% on a reported basis and 2% organically, in the mid range of the group’s guidance (+1/3%). The company reported that sales should gradually improve despite a challenging and volatile environment. No guidance will be provided before October 22th when Q1 2015/16 sales will be released.