French spirits group Pernod Ricard reported a 1.1 per cent rise in 2004 sales today as dollar weakness hammered underlying growth, and reaffirmed its earnings forecast for the same year.
The company said 2004 had been marked by a strong showing in its premium Chivas Regal scotch, Martell cognac and Jameson whiskey brands, while it had significantly boosted its level of advertising and promotion expenditure over the period.
Pernod said that though 2004 had confirmed the potential of Asia and the Americas, growth in wines had been held back by difficulties on the Australian market that weighed in during the fourth quarter.
Pernod said 2004 group sales rose to €3.572 billion ($4.66 billion) after €3.534 billion in 2003.
Pernod said currency swings cut €108 million off wines and spirits turnover that totalled 3.490 billion over the year.
The company has all but completed the sale of the non-core assets it vowed to shed when it acquired Chivas and Martell, with just grape juice maker Foulon Sopagly accounting for less than 3 per cent of total turnover, left to be sold.