Summary of FY23 results Q4 LFL sales growth at +19% was somewhat ahead of VA consensus (+15.8%), as was FY LFL EBIT (+11% vs. VA cons at +10.2%). The FY LFL EBIT beat was more than offset by FX (EUR(70)m vs. VA cons at +EUR60m) which led to EBIT at EUR3,348m coming -3.7% below VA consensus. The latter was the principal driver behind EPS at EUR9.11 coming -2.9% below VA consensus. The FY dividend at EUR4.70 was in-line with VA consensus. News We highlight that Pernod Ricard expects a slow start to the year with sales declining in both the US and China in Q1, in part due to a high basis of comparison. Earnings We revise our FY24e/FY25e/FY26e EPS by -4% to -6% (primarily due to FX). Investment thesis While near-term trends will likely be sluggish, we believe that Pernod Ricard is a key Staples growth play and it will slowly garner interest in what will gradually become a lower growth operating environment for Staples. Rating and target price We maintain our Outperform rating. Our TP moves from EUR235 to EUR213 (primarily due to a reduction in target multiple). 15 questions for management It is in no-one''s interest for FX to be a big talking point. Even if it is a moving feast, why not give more FX guidance?