Pernod Ricard, the French drinks group, has reported a decrease in sales for the first quarter of fiscal 2024. This decline can be attributed to reduced consumption by American and Chinese consumers compared to the previous year.
According to the company's statement on Thursday, sales totaled 3.04 billion euros ($3.20 billion) for the three-month period ending in September. This represents an 8% decrease in reported terms and a 2% decrease organically.
While sales in Europe showed a modest 1% organic growth, reaching EUR855 million, the Americas experienced a significant decline of 9%, with sales amounting to EUR858 million. However, Asia and the rest of the world accounted for the majority of sales, reaching EUR1.33 billion.
Pernod Ricard's Chief Executive, Alexandre Ricard, acknowledged the predicted slow start to the fiscal year but expressed optimism regarding their ability to offset declines in the US and China through strong performance in other markets. He further stated the company's expectation of achieving broad-based and diversified organic sales growth throughout fiscal 2024.