Pernod Ricard Cuts FY26 Outlook Amid US, China Slumps

Pernod Ricard cut FY26 organic net sales outlook to a 3‑4% decline, missing consensus of 0.5% decline.
Q3 organic net sales rose only 0.1% while reported sales fell 14.6% YoY to €1.95 bn, hit by FX and disposals.
US sales dropped 12% in Q3 (14% YTD) and China sales fell 7% Q3 (24% YTD), dragging overall growth.
India posted 11% Q3 growth, Canada up, Brazil rebounded, while travel retail rose 11% but faces decline due to Middle East conflict.