China drinks sales slow for Pernod Ricard

Drinks giant Pernod Ricard (RI.EPA) reported weaker China sales growth for the second half of the year ended June 30, Bloomberg reported. Chief Executive Officer Pierre Pringuet said he expects the Chinese slowdown to continue in the first half of this fiscal year. Government spending restraints have curbed sales of cognac and whiskey, and are particularly affecting bottles of spirits sold at more than US$200, Pringuet said, including some Martell cognacs. Larger competitor Diageo (DEO.NYSE, DGE.LON) said in July that it saw some “soft spots” in economies including Brazil and the Asia-Pacific region.