Pernod Ricard Hindered by China and the United States at the Start of the Fiscal Year

The French wine and spirits group began its 2026–2027 fiscal year with a decline in revenue, impacted by ongoing challenges in its two major markets: China and the United States.

A sluggish first quarter. Pernod Ricard posted 2.23 billion euros in revenue at the start of its fiscal year, a 6.3% decline year-over-year. On a like-for-like basis—that is, excluding currency and scope effects—the decline was limited to 0.9%.

China and the U.S. weigh on sales

The two main areas of weakness remain the United States and China: in the U.S. market, revenue contracted by 10% in the first quarter. In China, the decline reached 25%. In both countries, performance was notably affected by inventory adjustments, which weighed on sales to distributors.

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Read also > Pernod Ricard Impacted by Weakness in the U.S. Market During Its 2025–2026 Fiscal Year

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