Pernod Ricard 2020 financial forecast improves

Jameson owner Pernod Ricard does not believe the Covid-19 pandemic will hit its full-year profit as strongly as initially expected and now forecasts a 15% decline in operating profit for its 2020 financial year. On 24 March, Pernod Ricard believed the impact of the pandemic would lead to a 20% organic decline in profit from recurring operations for full-year 2020 – 5% more than is now expected. This was attributed to “very limited business” in…

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Edrington predicts ‘significant’ sales decline in 2020/21

The Macallan maker Edrington reported a 6% increase in revenue for the year ending 31 March 2020, however the firm anticipates a “significant” decline in sales and profits in 2020/21. Revenue for the 12-month period rose to £699.6 million (US$860m). Profit before tax for the year increased by 10% to £22.4m (US$27.5m). Scott McCroskie, chief executive, said: “Edrington had a highly successful year in 2019/20. A 6% year-on-year increase in core revenue and a 13%…

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Brown-Forman FY sales hit by Covid-19

Jack Daniel’s producer Brown-Forman reported a 1% net sales increase for its 2020 fiscal year, however the Covid-19 pandemic “negatively affected” the company’s major markets. Reported net sales for the year ending 30 April 2020 reached US$3.4 billion, while reported operating income dipped 5% to US$1.1bn. During the previous fiscal year, the group was impacted by tariff pressures.  For the fourth quarter, the firm’s net sales fell by 5% to US$709 million. In March 2020,…

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Local brands may find pandemic easier to manage

Prestige vodka owner Stock Spirits believes local brands could be better positioned to weather the Covid-19 storm compared to international players. Earlier this month, Stock Spirits reported revenue rose 15% during the first half of its fiscal year due to stockpiling in Poland and the Czech Republic, plus a strong off-trade performance that was boosted by the Covid-19 lockdown. The group said its off-trade strategy – which accounts for around 85% of its business –…

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Cuervo owner ups stake in Conor McGregor’s whiskey

Jose Cuervo owner Becle has completed the purchase of an additional 29% stake in Eire Born Spirits, the company behind Conor McGregor’s Proper No. Twelve Irish whiskey, and reported a net sales increase for its 2020 first quarter. On 28 February 2020, Mexican drinks group Becle announced it has exercised its option to buy an incremental 29% stake in Eire Born Spirits (EBS). On 24 April, the Tequila maker completed its purchase of the additional…

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