Net sales for Pernod Ricard totalled €2,013 million for the first three months of this financial year, an organic decline of -1%.

The company blamed high comparatives for the first quarter of last year as well as the slowdown in emerging markets and an “unfavourable mix” for the decline. The poor results led the firm to revise down its target for full-year growth after previously settings a goal of 6% .

Pierre Pringuet, Pernod Ricard’s chief executive officer, said: “Our first quarter was adversely affected by the slowdown of emerging markets and unfavourable technical effects. However, we remain confident in the diversity of our portfolio and the strength of our distribution network. We anticipate organic growth in full-year profit from recurring operations between +4% and +5%.”

Although Pernod’s “Top 14″ posted a -5% decline, particularly due to a fall in sales for Martell and Ballantine’s in Asia, there was some positives with the group’s Premium Wines increasing 1%, driven by Brancott Estate and Campo Viejo.

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