Pernod Ricard's Q3 fails to end on a high on late Easter, Indian interruption and Trump turmoil

Pernod Ricard on Thursday reported a 3% decline in third-quarter sales, missing forecasts as tariff uncertainty rocks the already-struggling spirits sector.

Analysts had expected Pernod, the world's No. 2 Western spirits maker, to report a 2% decline in organic net sales in the three months to end-March.

Pernod said its performance in the quarter was affected by customs clearance procedures and a production interruption in India, the late timing of Easter, tariffs affecting cognac sales in China and a sharp decline in its travel retail division due to the suspension of duty-free sales of cognac there.


The environment "remains challenging and very fluid with regard to tariffs", Pernod's statement said, adding that its full-year guidance remained unchanged.

Pernod, which makes Jameson Irish whiskey and Mumm champagne, already cut its 2025 outlook as well as growth guidance for 2027-2029 citing geopolitical uncertainties like tariffs.

U.S. efforts to remake global trade relationships have plunged the entire spirits sector into uncertainty. Pernod and other cognac makers separately face tariffs in China.

Escalating trade tensions also threaten consumer sentiment at a time when appetite for pricey liquors is already under pressure.