Pernod Ricard posts 4% sales decline for Q1

Jameson owner Pernod Ricard posted sales of €1.646m for the first quarter to end September today, a decline of 4% which the company said was in line with expectations.

The company described the performance as "satisfactory" in comparison with a record Q1 for the previous year, and said that despite conditions in the European market remaining difficult, there were signs of improvement elsewhere and buoyant growth in emerging markets, particularly China and India.

"The performance of this first quarter strengthens our confidence for the current financial year and our determination to increase advertising and promotion investment in our strategic brands," said CEO Pierre Pringuet.

The company will issue its profit guidance for the year at its AGM on November 12.

Pernod Ricard is the world's second-largest wine and spirits company with a brand portfolio including Jameson Irish Whiskey, Ballantines, Chivas Regal and The Glenlivet Scotch whiskies, Absolut vodka, Martell cognac, Ricard pastis, Havana Club rum, Beefeater's gin and Jacob's Creek wine.