French drinks giant Pernod Ricard has been hit by dwindling sales in China.
The group, whose brands include Jameson Irish Whiskey and Absolut Vodka and, said sales in the three months to the end of September came in at £2billion.
That was down 14 per cent on the same period last year.
The results were driven by China, where sales plunged 27 per cent as a property crisis affects the economy and consumer spending. Demand for Cognac was especially ‘depressed’.
And it warned it remains ‘cautious on the demand environment, ahead of the important Chinese New Year’.
Sales fell 12 per cent in the US where drinkers have turned their backs on pricey liquors. Pernod suffered a 4 per cent fall in Europe, including a ‘modest decline’ in the UK.
Headache: Pernod Ricard, whose brands includes Absolut Vodka (promoted by Paris Hilton (pictured), said sales in the three months to the end of September came in at £2bn
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .