Dow Jones Newswires: Pernod Ricard says sales growth was ‘moderate’

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Pernod Ricard SA said Thursday that sales grew organically by 1.3% during the first quarter of fiscal 2020.

The maker of Beefeater gin and Jameson whiskey RI, -0.66%  posted sales of 2.48 billion euros ($2.74 billion), up from EUR2.39 billion for the same period the year previous and broadly in line with analysts’ consensus expectations of EUR2.49 billion, according to FactSet.

First-quarter “growth was moderate, as expected,” said Alexandre Ricard, Pernod chairman and chief executive. Sales were helped by currency tailwinds, mainly from the dollar, the French company said.

Pernod backed its guidance of organic growth in profit from recurring operations of between 5% and 7% for fiscal 2020. It expects foreign exchange to have a “significantly positive” impact on this metric, it said.

The company said it will buy back its own shares for up to EUR150 million between Oct. 18 and Dec. 18 as part of the EUR1 billion buyback program it announced in August.