Pernod Posts U.S. Decline But Sees Second-Half Improvement
Pernod Ricard released results for its fiscal first half ended in December unexpectedly this morning, with the company posting sales down 4% organically to €6.2 billion ($6.4b), and profit from recurring operations showing a decline of 2% to €2 billion ($2.1b). Results were weighed down by challenges in the key markets of the U.S. and China.
Pernod’s U.S. sales, representing 18% of its global total, fell 7% for the half, although sell-out trends were slightly better at -6%. The company said it saw underlying sell-out volume improve in the final three months of calendar 2024 in the U.S., notably on 3.7-million-case top-seller Jameson Irish whiskey. Further improvement is expected over the six months through June.
According to Impact Databank, Jameson and Pernod’s second-largest brand in the U.S., Absolut, were both down about 4% in volume terms in calendar 2024. Amid broad declines for its largest labels, the Absolut Cans RTD portfolio was a clear bright spot, with depletions nearly doubling to more than 800,000 cases last year. In recent days, Pernod extended Absolut’s ready-to-drink and ready-to-serve range further with new offerings. Pernod’s total U.S. volume slipped 1.8% to 16.5 million cases last year.
Globally, Pernod is expecting a low single-digit decline in sales for its full fiscal year ending in June. The company is estimating that proposed tariffs in the U.S. and current Cognac tariffs in China could have a $207 million annual impact on its business.
“Conditional on the degree of challenges posed by the global tariff environment, FY26 is expected to be a transition year with improving trends in organic net sales,” Pernod said. “Amidst extraordinary trade tensions, we are focused on defending organic operating margin to the fullest extent possible.” Looking further ahead, from FY27 to FY29, Pernod is projecting “stronger organic net sales growth, aiming for a range of +3% to +6% on average with organic operating margin expansion.”—Daniel Marsteller
| Pernod Ricard—Key Spirits in the U.S. (thousands of 9-liter cases) |
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| Brand | Origin/Type | 2023 | 2024E | Percent Change1 |
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|---|---|---|---|---|---|---|
| Jameson2 | Irish Whiskey | 3,853 | 3,694 | -4.1% | ||
| Absolut2 | Imported Vodka | 2,791 | 2,678 | -4.0% | ||
| Malibu2 | Imported Rum | 2,535 | 2,300 | -9.3% | ||
| Kahlùa3 | Imported Liqueur | 1,033 | 1,006 | -2.6% | ||
| Absolut Cans | Pre-Mixed Cocktail | 422 | 813 | 92.9% | ||
| Skrewball | American Whiskey | 489 | 485 | -0.9% | ||
| Malibu Rum Cans | Pre-Mixed Cocktail | 471 | 444 | -5.7% | ||
| The Glenlivet | Single Malt Scotch | 443 | 401 | -9.6% | ||
| Beefeater | Imported Gin | 384 | 371 | -3.3% | ||
| Olmeca Altos | Tequila | 317 | 295 | -7.1% | ||
| Chivas Regal | Blended Scotch | 204 | 184 | -9.7% | ||
| Jefferson’s | American Whiskey | 162 | 144 | -11.3% | ||
| Jameson Cans | Pre-Mixed Cocktail | 154 | 142 | -7.6% | ||
| Martell | Cognac | 156 | 137 | -12.1% | ||
| Total Pernod Ricard USA | 16,817 | 16,509 | -1.8% | |||
| 1 Based on unrounded data. 2 Includes flavors; excludes RTS/RTDs. 3 Includes RTS/RTDs Source: IMPACT DATABANK © 2025 |
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Tagged : Absolut, Jameson, Malibu, Pernod Ricard
