PARIS, March 29 Pernod Ricard raised
the prices of its spirits in Britain in March to protect margins
against a slide in the pound stemming from the country's vote to
leave the European Union, according to company slides released
ahead of an analyst call.
Pernod, the world's second-biggest spirits group behind
Britain's Diageo, did not detail the scope of the price
hikes. The company is hosting a call on its European, Middle
Eastern, Africa and Latin American businesses later in the day.
"Brexit is leading to a strong pound depreciation, with
inflation expected higher as a reaction. In that context, Pernod
Ricard increased prices in March," the slides said.
Pernod had previously reported that sales in Britain rose 7
percent in the first half of its 2016-2017 fiscal year, as a 9
percent rise in international spirits sales and a 6 percent rise
in wines more than offset a decline in champagne sales.
British Prime Minister Theresa May will file formal Brexit
divorce papers on Wednesday.
(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)