Full Year 2024 Pernod Ricard SA Earnings Call Transcript
Key Points
- Pernod Ricard SA (PDRDF) achieved organic gross margin expansion of 108 basis points and organic operating margin expansion of 80 basis points.
- The company experienced sequential volume recovery in most markets during the second half of the fiscal year.
- Strong performance in mature and emerging markets, excluding the impact of exiting Russia.
- Continued investment in brand desirability and sustainability for long-term growth.
- Positive price mix across the board, benefiting from previous year's price increases.
- Organic net sales were broadly stable at minus 1%, impacted by the exit from Russia.
- Weak performance in the United States and China, with the US market down 9% and China down 10%.
- Reported profit from recurring operations declined by 7% due to negative foreign currency impacts.
- EPS decreased by 13% due to higher financial expenses from recent refinancing at higher rates.
- The company faced a challenging macroeconomic environment in China, impacting consumer demand and sales.
Good morning, everyone. We're very pleased to welcome you at our fiscal year 2024 full-year sales and results presentation. Alexandre and Hélène will take you through the slides, and then we will follow up with a Q&A session. Alexandre, it's to you.
Great. Well, thank you, and good morning to all. I really hope you had a great sportive summer. So let's directly dive into our fiscal year '24 sales and results. So we've had a robust performance in what we can qualify a normalizing spirits market with organic net sales broadly stable at minus 1%, which would have been plus 1% excluding the exit from Russia. Has a very strong performance in many mature and emerging markets, offset still normalizing United States and a weak China.
We've experienced sequential volume recovery throughout the second half of our fiscal year in most markets. Pricing, operational efficiencies, and cost discipline have led to organic gross
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