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French drinks company Pernod Ricard's sales rise 2 per cent as growth slows in emerging markets

PARIS – French beverage company Pernod Ricard says its revenue rose 2 per cent in the last quarter, as sales in the United States offset difficulties in Europe and slowing growth in Asia.

The company behind Absolut vodka and Mumm champagne said Thursday that it brought in 1.7 billion euros ($2.2 billion) in the third quarter, missing consensus expectations. Pernod Ricard’s fiscal year ends in June.

Pernod Ricard makes most of its money in emerging markets and the United States, and it has weathered Europe’s crisis fairly well. But it is beginning to see growth slow. Sales in Asia, Africa and the Middle East were down 3 per cent in the third quarter, as China’s consumption hit a bump. Sales in the Americas, which account for nearly a quarter of revenue, rose 1 per cent.