Pernod Ricard Sales Drop as China and US Weakness Persists
- China sales will be even worse this year, CEO predicts
- Premium liquor producers are grappling with softer demand
Whisky at a store at the Pernod Ricard Chuan Malt Whisky Distillery in Emeishan, Sichuan Province, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Pernod Ricard SA reported weaker-than-expected sales for its latest quarter as lackluster demand in its top markets of China and the US persisted and consumers resisted shelling out on pricey booze.
Sales at the French spirits maker, whose brands include Absolut Vodka and Martell Cognac, dropped 5.9% on an organic basis to €2.78 billion ($3 billion) in the fiscal first quarter, slightly below analyst estimates of €2.84 billion.