Pernod Ricard's Q3 Sales Stable Amidst Market Adjustments
Pernod Ricard reported stable organic net sales for the third quarter of fiscal year 2024. The company showed improving sales momentum, though overall reported sales declined due to currency impacts and inventory adjustments.
Pernod Ricard, the second-largest global spirits and wine company, announced its third-quarter sales results for fiscal year 2024, indicating stable organic net sales and improving momentum.
Organic net sales remained flat compared to the same period last year, while reported net sales decreased by 2% for the quarter ending March 31. For the first nine months of the fiscal year, organic net sales declined by 2%, with reported net sales down 6%. The company cited unfavorable foreign exchange impacts and structure changes totaling a net negative effect.
Volume grew 1% in the third quarter, resuming growth after four consecutive quarters of decline. Key markets contributing to performance included India, Global Travel Retail, and Japan. However, slower sales in China due to macroeconomic conditions and inventory adjustments in the United States presented challenges.
The company anticipates sales momentum will continue to improve through the remainder of the fiscal year, supported by strategic brand activations and market stabilization.