Pernod sales in India grew significantly in Q3

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Pernod sales in India grew significantly in Q3

Pernod Ricard India’s sales grew by 8 percent in the third quarter (Q3) of fiscal 2024, according to the release of the company on third quarter FY24 sales and results. However, the company saw its net organic sales drop by 2 percent in the first nine months of fiscal 2024 due to double-digit declines in the US and China.

In the release, Pernod Ricard noted accelerating performance in India’s market, which is attributed by the strong consumer demand for spirits, due to sales accelerating and premiumisation continuing, strong YTD growth of strategic international brands with Jameson, Absolut and The Glenlivet and because of strong growth of Seagram’s whisky brands led by Royal Stag and Blenders Pride.

For the third quarter (Q3) of fiscal 2024, the company’s organic sales were stable at €2.347bn, but rose by 2 percent excluding Russia. Its global travel retail sales soared by 38 percent in the third quarter, led by Jameson Irish whiskey, Martell Cognac and Scotch brands. Specialty brands of Pernod Ricard reported a drop of 7 percent in Q3 (down by 6 percent year-to-date), affected by the US inventory changes.

The firm reiterated its target of reaching between 4 to 7 percent in net sales growth for FY2023 to FY2025. The group expects broadly stable organic sales for the full 2024 fiscal year.