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Absolut vodka maker Pernod Ricard experienced a slow start to its fiscal year, posting sharp sales declines in China and the U.S. as the spirits industry faces a downturn in consumption.
The maker of Absolut vodka booked sales of 2.78 billion euros ($3.02 billion) for the first quarter, down 5.9% organically from the prior-year period. In reported terms, sales fell 8.5%.