Pernod predicts demand will remain strong

Reuters

In tough times, consumers need their tipple, Pernod Ricard SA said yesterday as it forecast demand for wines and spirits would remain strong in the year to June, 2009, in spite of the spending downturn. "Even in difficult years, the consumer protects what, for him, holds pleasure value," Pernod Ricard finance director Emmanuel Babeau said. For the year just ended, Pernod lifted its growth forecast for operating profit to 13 per cent from the 12 per cent forecast in April. The group's positive outlook comes after it posted full-year sales that missed forecasts. Full-year sales rose 2 per cent to €6.589-billion ($10.480-billion) in the year to June 30, below expectations of €6.67-billion based on Reuters Estimates. RI (Paris) rose €1.73 to €58.68.