PARIS, Feb 19 (Reuters) – French spirits maker Pernod Ricard reported a 5% decline in second-quarter like-for-like sales, as weak consumer demand and destocking in the United States and China continued to weigh.
The fall, however, in the second quarter was not as bad as the 7.6% contraction reported in the first quarter, thanks to improving dynamics in India and in global travel retail, the group said.
The second-biggest Western spirits group behind Diageo, said it continued to expect its fiscal 2026 to be a transition year, with improving sales trends to be skewed towards the second half of the year.
The company’s fiscal year started on July 1.
Pernod – which owns Martell cognac, Mumm champagne and Absolut vodka – reported sales of 5.25 billion euros ($6.19 billion)in the six months to December 31, marking a like-for-like decline of 5.9%, broadly in line with the 5.7% expected by analysts according to a company-compiled consensus.
Operating profit fell 7.5% in the first half on a like-for-like basis. Analysts expected a 7.7% fall.
($1 = 0.8579 euros)
(Reporting by Dominique Vidalon, editing by Inti Landauro)
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