Jameson maker Pernod Ricard sees sales drop as China and US weakness persists

Premium liquor producers are facing tepid demand in China amid a real estate crisis that has crimped sales

Premium brands including Jameson, Beefeater, Kahlúa and Olmeca continued to grow strongly.

Spirit-maker Pernod Ricard reported weaker-than-expected sales for its latest quarter as lacklustre demand in its top markets of China and the US persisted while consumers resisted shelling out on pricey booze.

Sales at the French drinks giant, whose brands include, Jameson, Absolut Vodka, and Martell Cognac, dropped 5.9% on an organic basis to €2.78bn in the fiscal first quarter, slightly below analyst estimates of €2.84bn.