Elliott target Pernod pushes up profit outlook [Reuters]
Diageo plc (DEO)
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Source: Reuters
Elliott target Pernod pushes up profit outlook - Reuters 3 Min Read PARIS (Reuters) - French spirits maker Pernod Ricard, which is being targeted by activist investor Elliott, raised its profit outlook on bets cost savings and Chinese demand will offset a slowdown in quarterly sales growth. Pernod, the world’s second-largest spirits group after Diageo, is hoping cost cuts, expansion into profitable premium brands such as Malfy gin and sustained demand for Martell cognac in China will underpin sales growth and profits. “We upgraded our ambition for the year. This truly reflects the efficiency of our strategy plan,” CEO Alexandre Ricard told Reuters. Pernod, which also makes Mumm champagne, Jameson whiskey and Absolut vodka, is now targeting a rise of around 8 percent in profit from recurring operations for its 2019 financial year, at the top of 6-8 percent growth guidance given in February. Nevertheless, Pernod shares slipped 0.6 percent in early trading. The stock has risen around 10
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