Pursuits
Pernod Falls on Outlook for Shrinking Chinese Spirits Market
- Cognac maker forecasts country's market declining 5% to 10%
- Shares fall as much as 7.2%, the most in almost six months
Pernod Ricard Hit by China
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Pernod Ricard SA fell the most in almost six months after the world’s second-largest distiller said it expects the Chinese market for spirits to shrink, contrasting with signs of a rebound seen by Remy Cointreau SA and LVMH.
Pernod Ricard expects China’s market for spirits to decline by between 5 percent and 10 percent in its fiscal year, which runs through June, the company said in a presentation to investors. The stock dropped as much as 7.2 percent in Paris, the most since Aug. 24.