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Pernod first-quarter sales beat forecasts with U.S., improving China

Reuters

PARIS (Reuters) - French spirits group Pernod Ricard posted a stronger-than-expected 4 percent rise in first-quarter underlying sales on Thursday, helped by a strong performance in its top U.S. market and improving demand in China.

The world's second-biggest spirits group behind Britain's Diageo however cautioned business in the Africa-Middle East region was getting tougher.

The owner of Mumm champagne, Absolut vodka and Martell cognac kept its forecast of a rise of between 2 percent and 4 percent in full-year profit from recurring operations after last year's 2 percent growth.

For the first quarter ended Sept. 30, Pernod Ricard reported sales of 2.248 billion euros ($2.46 billion), a like-for-like rise of 4 percent.

This was above analysts'estimates of 2.9 percent for like-for-like growth in a Thomson Reuters poll.

(Reporting by Dominique Vidalon; Editing by Matthias Blamont)