Pernod Ricard, the world's second-largest spirits group and parent of Jameson, has posted a 6.3 per cent year-on-year drop in fiscal first-quarter sales as emerging-market growth failed to offset a slump in developed markets.
Revenue was €1.646 billion, in line with the average forecast in a Reuters analyst poll of €1.644 billion.
Pernod said Europe, which accounted for €520 million of sales, saw a like-for-like decline of 11 per cent and "remains the region most affected" by the economic downturn.
France and the Americas also saw like-for-like sales drops of 3 per cent and 2 per cent respectively.
Asia and other emerging markets saw like-for-like growth of 3 per cent. Pernod said there had been "buoyant growth" in markets such as China and India.
Pernod Ricard chief executive Pierre Pringuet said the first-quarter performance "strengthens our confidence for the current financial year and our determination to increase advertising and promotion investment in our strategic brands".
The company will announce profit guidance for the financial year on November 2nd, at its annual general meeting. Pernod said there had been "early signs of improvement" in certain markets but added that comparatives for the second quarter remained "high".
Reuters