PARIS, April 25 (Reuters) - French spirits group Pernod Ricard reported weaker-than-expected third quarter sales on Thursday, as its key Chinese and U.S. markets remained under pressure.
Pernod Ricard , the world's second-biggest western-style spirits group after Diageo, said it banked on "dynamic" fourth quarter sales to deliver broadly stable full year 2023/24 organic sales.
It predicted organic profit from recurring operations to grow by 1% in the full year ending June 30, with an organic margin expansion.
Pernod Ricard, which owns Mumm champagne, Absolut vodka and Martell cognac, reported sales of 2.347 billion euros ($2.51 billion) in the three months to March 31 - a flat performance on a like-for-like basis, which was below analysts' expectations of 2.9% growth.
Pernod Ricard's fiscal year starts on July 1.
Diageo (DGE)
