Pernod Ricard Misses Estimates on Slump in China Demand (2)

Pernod Ricard SA’s sales fell more than expected on a sharp slump in demand in China and the clearing out of excess stock in the US.

Organic sales fell 7.6% in the first quarter, the French spirits maker said Thursday, more than the 7.1% drop estimated by analysts. Still, Pernod reiterated it expects sales to improve in the second half of the year.

Shares of Pernod ticked up 0.7% in Paris, reversing an earlier drop. They were down 24% this year through Wednesday’s close.

China remained Pernod’s weakest market, with sales falling 27% during the period. Duty-free sales of ...