Drink manufacturer Pernod Ricard has managed to beat analysts' expectations in the first quarter, mainly thanks to excellent American sales. The positive news prompted the company to adjust its full-year forecast.
Lower Chinese sales
The French company's first quarter turnover grew 3 % to 2.22 billion euro, which is well above analysts' expectations at a 1.1 % turnover increase. Turnover even grew 6 % in the Americas, while Chinese numbers were not as positive: turnover dropped 9 % in the first quarter. The entire Chinese market experienced a 4 to 5 % slump overall.
Pernod Ricard expects the full-year (which ends in June 2016) turnover to grow 1 to 3 %. Last year's turnover grew 2 % and analysts expect a 2.8 % turnover increase for this fiscal year.