Pernod Ricard, the world's third-largest spirits group that is bidding for Allied Domecq, posted a greater-than-expected 8.4 per cent rise in first-quarter sales today, fuelled by growth in Asia.
The performance prompted the maker of Chivas Regal Scotch, Martell cognac and Havana Club rum to forecast "significant operating profit growth" for the first half of 2005.
In the three months to the end of March, wines and spirits sales increased to €753 million from €704 million in the same quarter last year. On an underlying basis, excluding acquisitions, divestments and currency swings, they rose 6.4 per cent.
In Europe, excluding France, underlying sales grew 7.6 per cent, though Irish and Italian markets had a difficult quarter.
Its home market of France, suffering from declining sales of pastis aniseed-based aperitifs, showed sales down 6.4 per cent.
Describing the start of the year in Asia as "remarkable", Pernod said the Chinese New Year had been a major success for Martel and Chivas Regal in particular, making China the most important market for the whisky brand. Sales in Asia and the rest of the world grew 18.5 per cent.
Underlying growth in the Americas slipped 0.6 per cent, as a 1.8 per cent drop in US sales was partly offset by a continued favourable growth in Latin America, benefiting from an economic recovery there.