Pernod Ricard reports improved sales trends despite first half decline
The French spirits maker saw a 5% drop in second-quarter sales amid weak demand in the U.S. and China. Strong growth in India helped offset the recent losses.
Insights:
Pernod Ricard S.A. reported a 5% like-for-like decline in second-quarter sales on February 19, 2026, in an event-driven update that signals a near-term earnings slowdown for the world’s second-largest Western spirits group. For the six months ending December 31, the company saw like-for-like sales drop 5.9%, while operating profit fell 7.5% on a like-for-like basis. These material declines, which range from 5% to 7.5% and are significant for a major industry player, cover the first half of the company’s fiscal year and underpin management's view of fiscal 2026 as a transition year, with financial improvement expected to be skewed toward the second half of the year.
