Pernod Ricard is getting a slightly weaker cocktail from a better mix than its big competitor Diageo.
The French maker of Jameson whiskey released record full-year results on Thursday. Sales increased 17% in the year through June, even though duty-free alcohol purchases in airports haven’t recovered to 2019 levels and some Chinese cities spent time back under Covid-19 lockdowns. The company’s operating margin increased to 28.3%. So far, drinkers are swallowing the price increases needed to offset inflation in Pernod’s own costs.