Nearly six million cases of Jameson were shipped past year

After a flat performance in the US market a year ago, Pernod Ricard has regained forward momentum, posting a 4% rise in net USA sales for its full fiscal year through June.

Investors raised a glass to French drinks giant Pernod Ricard despite the world’s second biggest distiller revealing it had suffered a sales slump in its flagship Absolut vodka and Chivas Regal whisky brands.

Pernod Ricard also said double-digit growth in India offset a disappointing performance in China – down 9 per cent – which has been hit by a government clampdown on corruption and extravagant spending.

On an organic basis, sales rose 2% to €8.68 billion in fiscal 2016, as growth in the Americas picked up momentum particularly in the U.S. Sales in the Americas grew by 4%, up from a 2% growth rate the year before.

The Glenlivet, Chivas’ biggest single malt brand, saw revenues rise 3% on the year (although volumes fell 2% to 1m cases), thanks to its continued leadership in the United States market, where its 12-year-old and the new Founder’s Reserve expression had good years.

“For full year FY17, in a contrasted environment, we expect to continue improving our business performance year-on-year versus FY16, supporting priority markets, brands and innovations and focusing on operational excellence”.

Irish Distillers says Jameson is experiencing double or triple-level growth in 62 of the 130 markets in which it sells around the worldwide.

“However, sales in the three months to June declined in all of the company’s regions”.

There was also a “small” decline in travel retail sales in Europe.

Pernod Ricard forecast underlying profit from recurring operations of between 2 percent and 4 percent for the full year 2016/17 year to June 30, 2017.

Of Pernod’s top 14 spirits and champagnes, organic sales of Jameson was 16% up, Perrier-Jouët (+9%), Beefeater and Royal Salut (+4% each), Ballantine’s (+3%). Profit from recurring operations grew 2% to €2.3 billion ($2.6b).