RI Pernod Ricard

   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)

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