Florence Tresarrieu
Good morning to all of you. We’re very happy to welcome you at the moment to our Pernod Ricard Q1 FY ’26 gross sales name. I am within the room with Hélène de Tissot, Group CFO. Hélène will take you thru the numbers with some opening remarks. And after that, we’ll take your questions. Hélène, over to you.
Hélène de Tissot
Government Vice President of Finance & Tech
Good morning, Florence. Good morning, everybody, and thanks for becoming a member of at the moment’s Fiscal 12 months ’26 Q1 gross sales. So we’re reporting at the moment a 7.6% decline in natural internet gross sales for our first quarter. As flagged in our current full yr communication, the gradual begin to this yr was anticipated with 4 key causes. First, within the U.S., and whereas we’re inspired to see that sellout efficiency within the U.S. is continuous to enhance associated to the market, our U.S. internet gross sales have declined in Q1, amplified by stock changes.
Second, the sharp contraction of gross sales in China within the context of continuous macroeconomic and client sentiment weak point, and likewise reflecting the influence of some commerce stock changes. The influence of the technical results in these 2 markets on our Q1 signifies that the underlying efficiency is considerably higher than on internet gross sales by circa 3 factors. Third, sturdy underlying progress in India, although with gross sales negatively impacted by excise coverage modifications in Maharashtra State
