Pernod upgrades outlook for 2020
The French drinks group had previously warned that its profit from recurring operations could fall by as much as 20%.
While some of its forecasting has been accurate, particularly with regards to performance in China and losses incurred in travel retail, “resilience” in the off-trade in the US and western Europe has led it to upgrade its forecasts. The company’s assumption that business in China would be “very limited” in February and March,
with a “slow recovery” from April has been proven to be “directionally correct”, as has its forecast that travel retail revenue would take an 80% hit from February to the end of June. However, the forecast did not account for the six-week lockdown of all sales and production in India, nor for stronger off-trade performance than expected in the US and western Europe. On balance, it believes Covid-19 disruption will not affect 2020 performance as much was initially feared.
Source: The Drinks Business
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