Pernod Ricard's first-quarter sales have been dragged down by the US and China due to inventory adjustments and the impact of macroeconomic challenges. The Absolut Vodka maker reported today (16 October) organic net sales dipped 7.6% and were down 14.3% on a reported basis at €2.38bn ($2.77bn), results that underperformed some analysts' expectations. Sales were "grimmer than expected", Bernstein's Trevor Stirling wrote in a research note to clients. Bernstein analysts had forecast a 6.2% drop in organic ...