Pernod Ricard sales flat as China and US Woes Persist

• Published date: 25 April 2024
• Author: Andy Hoffman
• Publication title: Irish Times: Web Edition Articles (Dublin, Ireland)

The spirits maker, whose brands include Jameson, Absolut Vodka and Martell Cognac, said sales were stable in its most recent quarter at €2.3 billion as US retailers destocked and Chinese drinkers remained cautious. That missed analyst third-quarter consensus estimates of 2.8 per cent growth and €2.5 billion in sales

The company said volumes rose 1 per cent during the quarter, marking the first volume growth in a year.

Pernod said its expects sales to improve in the fourth quarter compared to the yearly performance so far and kept its forecast of flat sales for the year. It said it expects organic operating profit from recurring operations to grow by 1 per cent this year.

Pernod and other premium distillers have been facing weak sales in the US due to high stock levels as drinkers cut consumption of pricey spirits...