Why Pernod and Diageo are Underperforming

Dear Client:As you may know, spirits industry volume trends have slowed in recent months, in particular the two largest industry players: Diageo and Pernod Ricard. In a note to clients this morning, Bernstein Research delves into the major company volume trends to find an explanation. While Diageo and Pernod's volume growth has lagged, smaller companies like Remy Cointreau, Sazerac and Constellation have outshined them. For example, in the three months to October spirits market volume growth averaged 2.4%, per NABCA