PERNOD FAIRS WELL IN THE U.S.

Not everyone agrees with Brown-Forman’s assessment of the U.S. spirits market late last month. In a research note yesterday, Melissa Earlam of UBS stated that Pernod management is confident that underlying trading in their markets remains good.

“In particular,” wrote Melissa, “given Brown-Forman’s more cautious comments on the US spirits market on 29 November, Pernod (as well as Diageo, Remy Cointreau and Campari) is still seeing strong premium trends continue and the on-trade holding up well in the US at present.”