Pernod Ricard Q1 Sales Fall Less Than Forecast

Pernod Ricard reported first-quarter fiscal 2027 net sales of €2.234 billion, down 6.3% from €2.384 billion a year earlier and an organic decline of 0.9%. That organic drop was milder than the 1.7% decline in a company-compiled analyst poll. Volumes rose 6%, with Strategic International Brand volumes up 2%. The company tied part of the sales drop to disposal of Imperial Blue and Wines. US sales fell 10% and China 25%, with Americas overall down 11% to €573 million and Europe down 9% to €685 million. Asia/Rest of World sales fell 2% to €976 million but grew 9% organically; India sales rose 19%. Excluding the US and China, Rest of World sales grew 4%. The company said underlying China trends were improving and maintained cautious optimism ahead of the Mid-Autumn Festival. Pernod reiterated broadly stable organic net sales for FY2027, growth through 2029 near the lower end of its 3%–6% range, and defense of operating margin via cost controls, including €1 billion in efficiencies from FY2026 to FY2028. It also said preparatory steps for a potential India IPO remain subject to board approval.