Pernod Ricard and its rivals have suffered amid falling sales and tariff uncertainty in the key markets of China and the United States. ADVERTISEMENTPernod - which has launched a restructuring plan to cut costs - reiterated its guidance for between 3% and 6% annual organic sales growth for 2027-2029, along with annual organic margin expansion. Sales reached €10.959 billion euros in the twelve months to June 30, representing an organic decline of 3%. ADVERTISEMENTProlonged tariff uncertainty led distributors to boost inventory levels at the year-end, with adjustments expected throughout the 2026 fiscal year, it added. Pernod added this meant it was forecasting a sharp decline in sales in China in the first quarter of 2026.