Spirits Giant Pernod Ricard Feels Declining Demand in Key Markets

Amidst faltering economic conditions, the spirits conglomerate Pernod Ricard has experienced a noticeable decrease in demand in China and the USA. The consequence of a cooling Chinese economy was apparent in the declining demand for premium spirits, while North American retailers endeavored to reduce their overstocked inventories. As a result, the company behind well-known brands such as Absolut Vodka, Jameson, and Havana Club failed to register a sales increase in the third fiscal quarter. With total revenue of approximately 2.3 billion euros, the results remained stable but missed the growth expectations of market analysts. Amid this sales slump, Pernod Ricard's management remains optimistic, forecasting a revenue level for the entire fiscal year that matches that of the previous year. The hopes are particularly pinned on a rebound in the final quarter, which is expected to turn the tide.