Sales of Mumm champagne, Pernod Ricard's leading brand of bubbly, appear to have fallen victim to the global economic downturn.
The drinks giant reported today that total sales of the champagne brand were down seven per cent and volumes down nine per cent, presumably as consumers in markets around the world looked for cheaper alternatives to mark a celebration.
Pernod reported total annual turnover for the year, excluding tax and duty, down two per cent at €7bn (£5.8bn) with pre-tax profits down three per cent at €1.8bn (£1.5bn).
The group said it had seen an improved performance in the second half, with strong growth in most new economies and what it described as a "very gradual recovery" in consumer spending in the US.
It said it was seeing a "contrasting situation" in Europe, with some signs of a recovery being impacted by various regimes' austerity measures.
Profits from the group's European markets fell three per cent, with the situation in Spain and UK remaining "difficult", Pernod said.
Pernod's chief executive Pierre Pringuet said the group's performance throughout the last financial year had been "sound".
"Our priorities for the 2011 financial year remain the development of our premium strategic brands, a continuing strong marketing investment level and the reduction in group dent," he added.
