CANBERA (dpa-AFX) - Pernod Ricard SA (PDRDF.PK, PDRDY.PK,PRN.L), a French liqueur company, on Thursday reported lower profit in fiscal 2026 mainly on charges and weak sales. Looking ahead, the company projects broadly stable organic sales in fiscal 2027, and growth in medium term.
In the full year, Group share of net profit dropped 26 percent to 1.203 billion euros from last year's 1.626 billion euros, hurt by higher non-recurring costs, primarily due to restructuring charges.
Group share of net profit from recurring operations was 1.476 billion euros, compared to 1.829 billion euros a year ago. Net earnings per share from recurring operations was 5.85 euros, compared to 7.26 euros a year earlier.
Profit from recurring operations totalled 2.423 billion euros, compared to 2.951 billion euros a year ago.
Operating margin was at 25.8 percent, down 35 basis points organically.
Net sales for the year totalled 9.404 billion euros, down 15.2 percent from 10.959 billion euros last year. Organic decline was 3.9 percent.
Organic net sales excluding the US and China edged up 0.5 percent.
The company said the results reflected continued softness in the US amplified by inventory adjustments and with weak demand in China, mitigated by improving trends and growth across ROW, though impacted by Middle East conflict in the fourth quarter.
Further, the firm proposed a dividend of 4.70 euros per share, same as last year, with an option for shareholders to receive final dividend of 2.35 euros either in cash or shares.
The dividend is subject to shareholder approval at the Annual General Meeting on November 20.
Looking ahead for fiscal 2027, the company said it expects broadly stable organic net sales, in a contrasted and uncertain environment.
The company projects declines in the US and China, impacted by inventory adjustments as from the first quarter, and with underlying trends expected to improve in China. The firm also sees continued positive momentum in Rest of World, with ongoing strong growth notably in India.
Further, for the medium term, the company projects organic net sales growth on average, close to the lower end of the 3 percent to 6 percent range over fiscal 2027 to fiscal 2029, .
The company also projects organic operating margin expansion, supported by accelerated operational efficiencies of €1bn from fiscal 2026 to fiscal 2028.
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