Pernod Ricard Sales Fall as Americans Drink Less
By Mauro Orru
Pernod Ricard posted lower sales for the first quarter of fiscal 2024 as American and Chinese consumers are drinking less than last year.
The French drinks group said Thursday that sales came in at 3.04 billion euros ($3.20 billion) in the three months to the end of September, down 8% on the year in reported terms and 2% organically.
Sales in Europe grew 1% organically to EUR855 million, slumped 9% to EUR858 million in the Americas. Asia and the rest of the world accounted for the lion's share of sales at EUR1.33 billion.
"As expected we experienced a soft start to the year, yet I am encouraged we have largely offset declines in U.S. and China this quarter, thanks to our good performance in other markets," said Chief Executive Alexandre Ricard.
Ricard said he expects the group will deliver broad-based and diversified organic sales growth in fiscal 2024.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
October 19, 2023 02:02 ET (06:02 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks