Pernod Brass Not Phased by Soft Q1 Results

Dear Client: As expected, Pernod Ricard reported a "soft start" to its fiscal year, with global organic net sales down 2% for the first quarter ended September 30, weighed down by declines in the US and China.  TOUGH COMPS AND INVENTORY ADJUSTMENTS IMPACT US. In the US, organic net sales were down 8% in Q1, "reflecting high comparison basis and a normalizing market context," said group finance, IT & operations director Helene de Tissot on this morning's earnings call. Depletions