Pernod’s Full-Year Sales Weighed Down By Soft Conditions In U.S. And China
Pernod Ricard has posted sales down 3.9% organically to €9.4 billion ($10.9b) for its fiscal year through June, with profit from recurring operations slipping 5.2% to €2.4 billion ($2.8b), as the U.S. and China weighed down the company’s results. Pernod noted that excluding those two countries organic sales would have come in up 0.5%. According to Impact Databank, Pernod is the third-largest spirits marketer by volume globally at 125 million cases.
In the U.S. market, where Pernod ranks sixth among all spirits marketers at 15.3 million cases annually, according to Impact Databank, sales fell 14% for the fiscal year. Underlying sell-out was at -7%, with the sales decline exacerbated by inventory adjustments. Pernod noted that Jameson and Kahlúa are outperforming their competitive sets and that sell-out for Malibu and Skrewball are improving owing to good response to smaller formats and the Malibu Pink extension. The U.S. accounts for 17% of Pernod’s global sales.
In control states in the calendar year-to-date through July, Pernod’s portfolio dipped 4.2% by volume overall. In NielsenIQ channels through August 15, Malibu, Kahlúa, Beefeater, and Redbreast held up best among the company’s key brands, with top labels Jameson and Absolut down 6.2% and 8.6% respectively in volume terms. Still, those two heavy hitters are in solid growth elsewhere around the world. During the fiscal year Jameson grew sales by 9% while Absolut was up 2%, excluding the U.S. market.
As it combats ongoing soft conditions and “subdued consumer confidence,” Pernod says it plans to adapt quicker to market conditions in the U.S., “focusing on consumer recruitment and activation, revenue growth management, innovation, RTD, small formats, on-premise activation, and cultural partnerships.” “As consumers drink more intentionally, we create more reasons to come together and more meaningful experiences around our brands,” the company noted.
With conditions likely to remain difficult in the U.S. and China, Pernod is expecting sales in the coming year to remain flat globally, with the company keeping its A&P at 16% of net sales and its war chest for strategic investments totaling €700 million ($815m). Like its many of its peers, Pernod is also focused on cost savings, with its current efficiency program expected to yield €1 billion ($1.16b) through fiscal 2028.
Pernod cited the softness of the U.S. market in updating its medium-term sales guidance, which is now expected to be at the lower end of the +3%-6% range over the next three years.—Daniel Marsteller
| Pernod Ricard—Key Brands in the U.S. | ||||||
| Brand1 | Origin/Type | Total 2025 U.S. Volume2 |
Off-Premise Volume Growth 2026 YTD3 |
|||
|---|---|---|---|---|---|---|
| Jameson | Irish Whiskey | 3,673 | -6.2% | |||
| Absolut | Imported Vodka | 2,577 | -8.6% | |||
| Malibu | Imported Rum | 2,027 | -1.6% | |||
| Kahlúa | Imported Liqueur | 933 | -3.8% | |||
| The Glenlivet | Single Malt Scotch | 390 | -5.9% | |||
| Beefeater | Imported Gin | 353 | -3.9% | |||
| Martell | Cognac | 136 | -11.2% | |||
| Redbreast | Irish Whiskey | 52 | -0.4% | |||
| Total Key Brands | 10,142 | -5.5% | ||||
| 1 Excludes RTS/RTDs. 2 Thousands of 9-liter case depletions. 3 Year-to-date August 15, 2026 in NIQ channels. Source: NIQ and IMPACT DATABANK © 2026 |
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Tagged : Absolut, Jameson, Kahlua, Malibu, Pernod Ricard, Redbreast, Skrewball
