French liquor manufacturer Pernod Ricard saw its third quarter turnover drop 3 %, because of negative exchange rate fluctuations and lower Chinese demand, as the Chinese New Year fell earlier this year.
Strong American growth
Pernod Ricard’s turnover dropped to 1.86 billion euro in the three months until April, but without negative exchange rate fluctuations there would have been a slight 1 % increase.
Over the first three quarters, the French liquor manufacturer’s turnover grew 3 % to 6.81 billion euro. The strong 6 % growth the United States was partially cancelled by lower Asian demand. Europe experienced a 1 % growth, mainly owing to positive results in Spain.
Pernod Ricard says it will continue to focus on growth in the United States in the next few months, which should help counter Chinese results. The government’s anti-corruption measures have lowered China’s share in the luxury industry.
