Mixed performance for Pernod Ricard in Q1 2026/27

Pernod Ricard reported revenue of €2,234 million for the first quarter of fiscal year 2026/27, a slight decrease of 0.9% organically and 6.3% as reported. The sale of Imperial Blue and the Wines division impacted results, as did currency fluctuations. A 10% decline was observed in the United States, and a 25% drop in China, both attributed to inventory adjustments. In contrast, the rest of the world saw a 4% increase, driven by strong performance in Asia.

The company anticipates organic stability for the full fiscal year. It is committed to maintaining an operating margin while making strategic investments. In India, momentum remains strong at +19%, while China is showing signs of recovery. Europe and Global Travel Retail are facing various pressures, but some key markets are demonstrating resilient performance.