Pernod Ricard’s latest results had a knock-on effect on rivals Diageo PLC (LSE:DGE) and spirits group Fevertree Drinks (AIM:FEVR) as gin sales at the French group were notably weak.
Among the brands Beefeater Gin volumes were down 10%, noted Peel Hunt, which pointed out this is an unhelpful read for tonic specialist Fevertree, although one that has already been flagged.
That might have been why its shares rose 2.7% to 899p, though Peel Hunt maintained a 'reduce' recommendation on Fevertree and a 700p target.
Tanqueray and Gordon’s owner Diageo had a rollercoaster day, having been boosted early by China easing some of its rhetoric over posh brandy imports.
That glow faded after Pernod’s numbers emerged especially as analysts picked up on the 9% drop in the US sales with destocking to continue into the 2025 fiscal year, Pernod said.
Diageo dropped 1.6% to 2,480p.