Pernod Ricard Q1 sales up 13 percent

PARIS - French wine and spirits company Pernod Ricard said Thursday that first quarter revenue rose 13 percent thanks to its purchase of Absolut Vodka and double-digit growth at star brands such as Perrier-Jouet Champagne.

The French drinks company said sales in the three months through September rose to 1.76 billion euros ($2.24 billion) from 1.56 billion euros a year ago, despite the economic slowdown.

Stripping out the gains from acquisitions, revenue growth was 7 percent, the company said in a statement.

Pernod Ricard said all regions contributed to the increase in revenue, with even "slight growth" in the U.S., where the economy has been hardest hit by the financial crisis, denting consumer spending and confidence.

Looking ahead to June 2009, the company said it expects "strong growth" from recently acquired Absolut vodka to help it achieve its goal of above 10 percent growth in net profit from recurring operations in its fiscal full year.

In the first quarter, revenue was up 29 percent for Perrier-Jouet Champagne; up 27 percent Glenlivet whisky; up 17 percent for Jameson whiskey; and up 16 percent for Mumm Champagne.

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