Pernod Ricard Third-Quarter Sales Growth Slows, India Weighs

French spirits maker Pernod Ricard on Thursday said that sales growth slowed slightly in the third quarter, reflecting weakness in India and the earlier timing of the Chinese New year.

Pernod, the world’s second-biggest spirits group after Britain’s Diageo, kept its profit outlook unchanged and achieved some robust quarterly growth in the US and in Europe.

Pernod Ricard posted sales of €1.987 billion ($2.13 billion) in the three months to 31 March, up 3 per cent on a like-for-like basis, compared with 4 per cent growth in the second quarter.

This was, however, above the average of analysts’ estimates for 1 per cent growth in a company-compiled consensus.

In India, which accounts for about 10 per cent of Pernod Ricard group revenue, a government ban on high-value bank notes held back local consumption. There has also been a ban on alcohol sales near highways in India since 1 April.

(Reuters)