V&S HOPES FOR BETTER FULL YEAR RESULTS
Vin & Sprit posted lower second-quarter profits and sales, but said it hoped for better full-year results than last year. Revenues fell 6% to 2.46 billion crowns.
"It is my hope that we will see even better results for the group this year than last year. I base this on continued good sales development for Absolut Vodka, while we are also increasing efficiency throughout the group," V&S Chief Executive Bengt Baron said in a statement.
Absolut Spirits operating profit fell to 415 crowns due to a weaker dollar and distributors scaling down inventories compared to the same period last year. Sales for the unit fell 1%, while volume rose 4% thanks to strong market development for Absolut and Cruzan Rum. Sales volume for Absolut increased 3%.
The company said that positive development continued in the US, where sales from distributor to retail increased by 4%.
As you likely remember, Fortune Brand’s soon-to-leave chief Norm Wesley had some strong statements for V&S earlier this month as he assured the company “we [Fortune] provide certainty.” Pernod, Diageo, Bacardi and Brown-Forman have also shown interest in acquiring the company.
"It is my hope that we will see even better results for the group this year than last year. I base this on continued good sales development for Absolut Vodka, while we are also increasing efficiency throughout the group," V&S Chief Executive Bengt Baron said in a statement.
Absolut Spirits operating profit fell to 415 crowns due to a weaker dollar and distributors scaling down inventories compared to the same period last year. Sales for the unit fell 1%, while volume rose 4% thanks to strong market development for Absolut and Cruzan Rum. Sales volume for Absolut increased 3%.
The company said that positive development continued in the US, where sales from distributor to retail increased by 4%.
As you likely remember, Fortune Brand’s soon-to-leave chief Norm Wesley had some strong statements for V&S earlier this month as he assured the company “we [Fortune] provide certainty.” Pernod, Diageo, Bacardi and Brown-Forman have also shown interest in acquiring the company.
posted at 12:31 PM
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