Jameson owner Pernod Ricard reported steep sales declines in ​its top two markets - the US and China - on Thursday and said it now expects to achieve only the lower end of its long-term sales target through 2029. The results underscore the prolonged downturn facing global spirits makers. Shares in the French wine and spirits group fell more than ​6 per cent as chief executive Alexandre Ricard told investors the US, its largest market, offered little potential over the next three years, weighing on overall group ⁠performance. The maker of Martell cognac and Absolut vodka, which held unsuccessful merger talks with Jack Daniel’s ‌maker ‌Brown-Forman earlier ​this year, now expects sales growth at the lower end of its 3 per cent to 6 per cent target range through 2029.“The assumptions that drive that kind of outlook ⁠are based on a US market which is ​not in growth over that period and which is ​quite soft,” Ricard said. However, he said Pernod’s broad geographic footprint should help support performance ‌in the coming years. Prospects for its current ​fiscal year, which started on July 1st, look even more subdued. Pernod, which is the world’s second-largest spirits maker after ⁠Diageo, forecast broadly stable organic net sales, ⁠with trading conditions in ​the US and China expected to remain challenging in the first quarter. Sales in the US and China fell 14 per cent and 19 per cent, respectively, in the year ended June 30th.Irish Distillers said sales of Jameson did rise by 9 per cent across markets outside the US though global net sales fell across its portfolio in its 2026 financial year. Jameson continued to grow in India, its second biggest market, Irish Distillers said, and the company delivered double-digit growth across its portfolio in established markets such as global travel retail, Germany and Poland, and emerging markets including Mexico, China and Nigeria.The drinks group said it still had confidence in the US market, despite softer conditions. It said there said there was evidence of some improvement in its portfolio in the second half of the year. Bernstein analyst Trevor Stirling said Ricard’s comments on the US were expected after Diageo said earlier this month that the market would remain negative for the next three years. There was no “massive surprise” in the results to justify the share reaction, he added, given Pernod’s performance and guidance were in line with ‌expectations and peers.Spirits makers across ⁠the industry are grappling with a multi-year sales downturn that has eroded valuations, triggered management changes and prompted asset sales and cost-cutting. Ricard said Pernod expects to complete its €1 billion ($1.2 billion) restructuring ‌programme a year ahead of schedule and had cut around 3,600 jobs since its 2024 financial year.He also told investors the ​board was discussing a potential initial public offering of the group’s Indian business ​and had already taken preparatory steps. India has overtaken China as Pernod’s second-largest market. - Reuters