Pernod expects 9-10 percent fall in full year Chinese sales
By Dominique Vidalon and Pascale Denis
PARIS (Reuters) - Demand for Pernod Ricard spirits stayed soft in China in the third quarter and underlying sales there are set to fall by between 9 and 10 percent in the year to June 30, Chief Financial Officer Gilles Bogaert said.
Bogaert told Reuters in a phone interview that although the world's second-biggest spirits was confident over its medium-term prospects in China, it was hard to say when demand would significantly improve.
"There is an uncertainty on the timing and size of the rebound in China," he said.
Like rivals including smaller peer Remy Cointreau , Pernod has been hurt by a government clampdown on luxury gifts in China, in addition to the slowdown in economic growth there.
Pernod's view on China appears to differ from the more upbeat tone of Remy Cointreau and Hennessy cognac owner LVMH which have called a rebound in China.
(Reporting by Dominique Vidalon)
