Pernod Ricard posted a dip in sales in its third quarter, as it blamed phasing technicalities in both India and China.

The alcohol giant reported that for the twelve-week period ending 31 March 2025, group net sales fell 3%, despite volumes inching up by 1%.

In Europe, this loss widened to a decrease of 7%, with the softer performance attributed to later Easter timings and ongoing challenging macroeconomic conditions.

The company said: “In a context that remains very volatile, we are confirming our FY25 outlook of low-single-digit decline in organic net sales while sustaining our organic operating margin, supported by our program of continuous operational efficiencies.”

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It added, this outlook incorporates the predicted outcome of the impact of expected tariffs in China and in the US.

The trading update follows fears in the alcohol sector about the impact tariffs would have on imported brands.

Last month, Pernod Ricard was one of the European wine giants to see its shares fall, following the then threats from President Donald Trump of a 200% levy on alcohol including wine and champagne.