Shaken, Not Stirred: Pernod Ricard’s Q3 Sales Slide in US and China, India Lifts Spirits

Unknown Apr 02, 2026 900 Views

French spirits giant Pernod Ricard, owner of brands such as Absolut, Jameson, and Martell, released uneven third-quarter fiscal year 2024 performance numbers. While two of its biggest markets, the U.S. and China, experienced sharp drops, India remained a source of resiliency, which helped maintai...

Q3 Performance Overview

Organic net sales were unchanged during Q3 but reported sales dipped 2% year-to-date.
Overall Q3 sales totalled €2.35 billion, which on a like-for-like basis and compared with consensus estimates of growth of 2.9%, was flat.

Regional Breakdown

United States

Sales in the U.S. Q3 rose 2% when initially announced but more general accounts show double-digit falls, dropping by 11% during the Q3 and 8% during the nine months.
The American market continues to be tough as wholesalers and retailers continue to do inventory adjustments post-pandemic highs.
Pernod Ricard is positive regarding better sell-out performance for the remainder of the year.

India

Organic sales increased 1% in Q3 according to the release, although other sources report an 8% growth, underpinned by good demand for brands such as Jameson, Absolut, The Glenlivet, Royal Stag, and Blenders Pride.
India remains a growth driver, with an advantage of premiumization trends and growing international spirit penetration.

China

Q3 organic sales in China fell 5% according to the announcement, but various sources indicate a deeper 12% fall due to a difficult macroeconomic environment and a subdued Lunar New Year season.
Pernod Ricard emphasized substantial declines in gifting and soft consumer demand, particularly weighing on such brands as Martell and Royal Salute.

Other Markets & Segments

Europe was flat, with 4% Q3 sales growth excluding Russia.
Travel retail worldwide was a highlight, up 38% in Q3, driven by Jameson, Martell, and Scotch brands.
Specialty and strategically located international brands had mixed results, with specialty brands down on U.S. inventory movements.

Outlook

Pernod Ricard kept its full-year view intact, relying on a "dynamic" fourth quarter to counter the Q3 weakness.

The firm reaffirmed its medium-term goal of 4–7% net sales annual growth.

India is predicted to continue momentum and the U.S. to improve in the next few months.

"Pernod Ricard banks on dynamic Q4 as US and China drag on sales in Q3."

Sources: Pernod Ricard Third Quarter FY24 Sales and Results,The Spirits Business, Business Standard, Pernod Ricard FY25 H1 Sales and Results (PDF)

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