2024-02-15 16:15:25 ET
Pernod Ricard SA (PDRDF)
Q2 2024 Results Conference Call
February 15, 2024 03:00 AM ET
Company Participants
Florence Tresarrieu - Investor Relations
Alexandre Ricard - Chairman and Chief Executive Officer
Helene de Tissot - Executive Vice President, Finance
Conference Call Participants
Olivier Nicolai - Goldman Sachs
Simon Hales - Citi
Laurence Whyatt - Barclays
Celine Pannuti - JPMorgan
Edward Mundy - Jefferies
Sanjeet Aujla - UBS
Chris Pitcher - Redburn Atlantic
Gen Cross - BNP Paribas Exane
Presentation
Florence Tresarrieu
Welcome to our H1 FY '24 sales and results presentation to be followed by Q&A. We are hosted today by Alexandre Ricard, our Chairman and CEO; and Helene de Tissot, our EVP, Finance and IT. Alex and Helene, over to you.
Alexandre Ricard
Thank you very much, Florence, and good morning to all of you. Let's dwell directly into our first half financial year '24 sales and results. Globally speaking, we've had a robust performance, with organic sales down 3% and organic profit from recurring operations down 3%. Regarding the overall H1 performance, I would like to share with you maybe 4 underlying factors.
The first one is the overall normalization of the spirits market globally, particularly skewed towards the U.S., after three years post-COVID super cycle across our spirits industry. The second factor is inventory adjustments in the U.S., particularly at a retailer level in a high interest rates, therefore high cost-of-carry environment. The third element is a weaker consumer confidence in China within a weak macroeconomic environment.
And finally, the fourth element is a strong growth in India and very strong growth in Asia, excluding China, very strong growth in Africa, Middle East, in Central and Eastern Europe, if you exclude Russia, and finally, pretty strong resilience in Western Europe. That's basically the 4 key factors that describe our first half performance....
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Pernod Ricard SA (PDRDF) Q2 2024 Earnings Call Transcript