Achi news desk-
Sales in the crucial Chinese market have slowed as growth has weakened in the world’s second-largest economy, and there have been challenges in the US and Latin America, where slow sales have been highlighted by major players such as Diageo. Compared to resurgent sales in the immediate post-Covid period, more recent figures have looked far less impressive.
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Pernod Ricard, owner of Paris-based Chivas Brothers, highlighted challenges in the US and China as it reported its results for the third quarter today.
The drinks giant, which sells popular blends Chivas Regal and Ballantine’s, said its performance was “solid” as organic sales were flat at €2.35 billion for the period and down 2% at €8.94bn for the first nine months. its financial year.
Its statement showed sharp declines in the third quarter in China, where the company highlighted the impact of a “difficult market environment” as sales fell 12%, and the United States, where sales were down 11% “as levels trade inventory adjusted”.
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As such, the company will have been proud of much stronger performances in other key markets, including India, Japan, Germany, and Turkey, as well as the global travel retail market, to cushion the blow. .
Pernod said that given its performance so far, it “remains confident in its medium-term financial framework of top line growth of 4% to 7%, aiming for the upper end of the range”.
