Pernod Ricard's revenue for the third quarter of 2024 reached circa €2.8bn (about $3bn), which, given the fiscal year starting July 1, marks the first quarter of the 2025 fiscal year. This represents an 8.5% revenue decline from July to September, primarily due to performance in China and the United States, according to the company’s quarterly earnings release.
China saw a significant drop of 26%, which Pernod Ricard attributed to challenging macroeconomic conditions and weak consumer demand, factors that are expected to impact the full year more severely than in the previous year. The company has already announced measures to offset the effects of recently imposed temporary tariffs on spirits. Meanwhile, the U.S. also posted a notable 10% revenue decline.
In contrast, Europe delivered a robust 1% growth (excluding Russia), despite unfavorable summer weather affecting markets in Western Europe. The company reported market share gains in France, Poland, and Germany. Other strong-performing markets included India, Japan, Canada, Poland, Brazil, Turkey, and Nigeria, along with travel retail in North and South America and Europe.
For the 2025 fiscal year, Pernod Ricard anticipates a return to organic revenue growth with ongoing volume recovery and sustained organic operating margins. The company reaffirmed its goal for organic revenue growth at the upper end of a 4–7% range. The sale of its wine brands to Australian group Accolade is also expected to impact the fiscal year’s results. SP
