By Andrea Figueras
Pernod Ricard cut its sales guidance for fiscal 2024 and reduced the size of its share buyback after first-half sales fell, dragged by lower volumes.
The French distiller on Thursday said that it now expects broadly stable organic net sales in 2024, while it previously anticipated full-year broad-based and diversified organic net sales growth.
The maker of Absolut vodka and Martell cognac booked sales of 6.59 billion euros ($7.07 billion) for the six months to Dec. 31, an organic decline of 3% compared with the year-ago period.
The company plans to buy back shares valued at EUR300 million for the year, with around half of that volume completed in the first half. It previously said buybacks would amount to between EUR500 million and EUR800 million.
Write to Andrea Figueras at andrea.figueras@wsj.com
