Pernod Ricard (保乐力加) said its China sales fell 25 percent in the first quarter of its 2027 financial year, on an organic basis. The spirits group linked the fall to trade inventory adjustments and said underlying depletions in China returned to growth.
Group net sales were €2,234 million, down 0.9 percent organically
Pernod Ricard’s press release of 15 October 2026 puts net sales for the quarter at €2,234 million. Organic net sales fell 0.9 percent and reported net sales fell 6.3 percent.
The company cites a perimeter impact of minus €127 million, mainly from the disposal of Imperial Blue and its wines business. Foreign exchange had an impact of minus €3 million. Volumes rose 6 percent.
| Measure | Q1 FY27 |
|---|---|
| Net sales | €2,234m |
| Organic change | -0.9% |
| Reported change | -6.3% |
| Perimeter impact | -€127m |
| Foreign exchange impact | -€3m |
| Volume change | +6% |
| China sales, organic change | -25% |
| Sales excluding the US and China | +4% |
China sales fell 25 percent on trade inventory adjustments
The release says China sales contracted “in a challenging macroeconomic environment” because of trade inventory adjustments. It says underlying depletions returned to growth ahead of the Mid-Autumn Festival, compared with a sharp decline a year earlier.
Among the markets and regions for which the release gives a growth rate, China recorded the largest fall. Sales in the United States fell 10 percent, while India grew 19 percent.
Unit: %
Organic net sales change, Q1 FY27 vs a year earlier; markets and regions with a stated rate · Source: Pernod Ricard, 15 October 2026
View as table
| Item | Value |
|---|---|
| China | -25% |
| USA | -10% |
| Americas | -9% |
| Europe | -6% |
| Global Travel Retail | -4% |
| Asia-Rest of World | 9% |
| India | 19% |
Martell’s off-trade depletions in China returned to growth
The company says Martell (马爹利) off-trade depletions in China returned to growth after a Mid-Autumn Festival campaign. The on-trade channel, it says, remains under pressure from a regulatory crackdown, although it benefited from comparison with a weak prior year.
The release names The Glenlivet, Royal Salute, Jameson and Olmeca as performing strongly in China. In Global Travel Retail, it says a Mid-Autumn Festival promotion supported Martell sales.
Strategic International Brands fell 1 percent
Sales of Strategic International Brands, which include Martell, fell 1 percent. The release says declines in Absolut and Martell offset growth elsewhere, with Martell “notably impacted by inventory adjustments”.
Unit: %
Organic net sales change by brand group, Q1 FY27 vs a year earlier · Source: Pernod Ricard, 15 October 2026
View as table
| Item | Value |
|---|---|
| Specialty Brands | -5% |
| Strategic International Brands | -1% |
| Strategic Local Brands | 6% |
The company expects China sales to decline in FY27
For the full 2027 financial year, Pernod Ricard expects organic net sales to be broadly stable. It expects declines in the United States and China because of inventory adjustments, with underlying trends in China expected to improve.
The company says advertising and promotion spending will stay at about 16 percent of net sales.
How the figures are reported
- Period: the first quarter of Pernod Ricard’s 2027 financial year (Q1 FY27); the release does not state the calendar months.
- Growth figures are organic, at constant exchange rates and group structure, unless stated.
- China figures are sales (net sales); depletions are described only as a direction, not a rate.
- The outlook is the company’s own statement, reported as published.
