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Pernod Ricard shares rally as Q1 sales fall less than feared

By Reuters News5 hours ago Updated

** Pernod Ricard PERP.PA shares rise around 3% after the French wine and spirits maker reported Q1 organic sales that beat expectations and reiterated its FY outlook

** Q1 organic sales fell 0.9%, ahead of a company-compiled consensus forecast for a 1.7% decline, with reported sales of €2.23 billion ($2.50 billion)

** J.P. Morgan says better-than-feared U.S. performance and signs of improving consumer demand in China offset weakness in Europe where Germany and Poland continue to struggle

** "Good enough," Jefferies says, noting the results should increase confidence that the company has moved past its earnings downgrade cycle

** Including today's gains, Pernod Ricard shares are up around 16% in October, following LVMH's LVMH.PA results as well as the company's own earnings update - LSEG data

($1 = 0.8923 euros)

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