Pernod Ricard reported its FY results. The OG net sales stood at 2% (in line with AV estimates, weaker than consensus at 2.6%, +3% in Q4) with ROW +4%, Americas +2% and a flat Europe (+5%, +2%, +1% respectively in Q4). On reported figures, sales rose by 7.7% (+5.7% favourable FX impact). Top 14 brands' OG net sales increased by 2% driven by volumes (in line with 9M). The operating profit from recurring operations progressed by 8.9% whereas the operating margin expanded by 30bp (mainly due to
