Boycott Call Alarms Pernod

French spirit group Pernod Ricard has been forced to delay making earnings forecasts as it tries to gauge the impact of US calls for a boycott of French goods.

The company, which owns such quintessentially French brands as Martell cognac and Ricard pastis, generates 25% of wine and sprit sales from America following its acquisition of part of US drinks group Seagram in 2001.

Managing director Pierre Pringuet warned yesterday that while there was no sign of a drop in US sales, the most up-to-date information had not yet been received from distributors. Chairman Patrick Ricard said trading in 2003 had "started strongly", but added: "The general environment leads me to postpone ... the release of our forecasts for this year."

France has been the object of anger among many in the US since president Bush made it clear he blamed his French counterpart Jacques Chirac for effectively wrecking moves to build international support for a military assault on Iraq.

Well-known cheese, mustard, wine and mineral water brands are said to have been taken off the shelves in many stores as US retailers and consumers appear determined to dent the $28bn annual sales of French goods in America.

Arguing that the US boycott should not single out Pernod Ricard products, Mr Pringuet said: "We are also an American company, employing more than 1,000 people in the US and with many US shareholders." He added that many consumers in the US and elsewhere may not entirely share Mr Bush's frustration with Mr Chirac. "I am not so sure everybody shares such a single minded view on this."

Many Pernod Ricard brands, such as Chivas Regal scotch and Jacob's Creek wine, are made outside France and are unlikely to be hit hard by any US consumer boycott.

Mr Pringuet was speaking after Pernod Ricard posted net income of €413m, well ahead of the €366m predicted by analysts. Net sales before taxes and duties were €4.8bn.

Meanwhile beer brewer Interbrew, which owns the Stella Artois and Becks brands, also declined to set firm earnings targets yesterday in the face of mounting political and economic uncertainties around the globe.

New chief executive John Brock distanced himself from a previously declared double-digit organic growth earnings target, saying: "The economic circumstances prevailing then are different to those now.

"In a settled-down geopolitical economic environment, you could well see us returning to being more explicit about those targets but I think now, its far more appropriate to say our objective is to achieve volume and profit growth." Mr Brock was speaking after Interbrew posted net profit for 2002 of €467m on net turnover of €6.99bn, slightly ahead of expectations.