UPDATE 1-Drinks group Pernod sees 20% hit to operating profit due to coronavirus [Reuters]
Diageo plc (DEO)
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Source: Reuters
UPDATE 1-Drinks group Pernod sees 20% hit to operating profit due to coronavirus - Reuters 2 Min Read (Adds detail and background) PARIS, March 24 (Reuters) - French spirits group Pernod Ricard warned on Tuesday of a hit of around 20% to its current operating profit as a result of the slump in business caused by the global coronavirus crisis. Pernod, the biggest international spirits maker in China and the world’s second-biggest behind Diageo, had already cut its outlook for full-year profit growth February as a result of the hit to business from the virus. Pernod added it was in a solid financial position to be able to cope with the impact of the outbreak, and that it had 3.4 billion euros ($3.7 billion) available in credit lines. “The environment has very significantly deteriorated due to the COVID-19 outbreak. We are encouraged to see that, thanks to the implementation of strong measures, China appears to be starting to make a gradual recovery,” said Alexandre Ricard, Chairman and
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