Pernod’s Q1 Weighed Down by US Inventory Woes

Dear Client:   Pernod Ricard today reported a global organic net sales decline of 0.9% (down 6.3% on a reported basis) for the first quarter of fiscal 2027, ended September. Meanwhile, global volumes returned to growth, up 6%, for the period. While this marks a sequential improvement over the end of fiscal 2026– Q4 F26 global organic net sales were down 2%– inventory adjustments in the US and China weighed down global results. Excluding those markets, Rest of World sales were