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Pernod Ricard eyes stable sales in Asia in 2017 full year -slides

Reuters  |  PARIS 

PARIS (Reuters) - French drinks group said that the 2016/2017 financial year would be a stable one regarding sales in Asia, with its second-largest market in facing a temporary slowdown due to adverse market conditions.

On the other hand, its third-largest market in China had a positive outlook for Martell cognac, added on Monday.

Pernod, which is the world's second largest spirits group behind Diageo , made the forecasts in slides released on its website.

India, which accounts for about 10 percent of group revenue, has been a key growth area, driven by local whisky brands such as Blender's Pride and Royal Stag.

But a government ban on high-value bank notes held back local consumption in the second and third quarter and sales growth in slowed to 1 percent in the nine months to March 31, down from 12 percent in the 2015-16 full year [nL8N1HS1FC]

Ricard's sales in were flat in the nine months to March 31.

(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)