Pernod Ricard profit falls more than expected as annual sales drop 14%

However, net profit for the year fell more than expected, to 1.2 billion euros. This was a 26 percent drop compared with the previous fiscal year and below analysts' average forecast of 1.4 billion euros, according to Bloomberg.

In the fourth quarter, sales fell 12 percent to 2.2 billion euros, in line with expectations.