Pernod Ricard Q1 sales beat forecasts with strong demand in China and U.S.

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Pernod, the world’s second-biggest spirits group behind Diageo (LON:DGE), said the consumption of products by people staying at home remained resilient, while its markets were also supported by the re-opening of bars and restaurants as COVID-19 restrictions eased.

Travel retail was still very subdued although it benefited in the quarter from a low comparison basis.

Pernod Ricard’s fiscal year started on July 1.

For the first quarter ended Sept. 30, Pernod – which owns Martell cognac, Mumm champagne and Absolut vodka – reported sales of 2.718 billion euros ($3.17 billion), a like-for-like rise of 20%, which came above market expectations for a 15.7% sales rise.

($1 = 0.8583 euros)