Half Year 2023 Pernod Ricard SA Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Laurence Bruce Whyatt - Barclays Bank PLC, Research Division - Analyst : Three for me, actually, 1 is a slight follow-up or one of the previous questions on the A&P spend. You increased the spend in the U.S. and Europe, but not Asia, presumably that's as a result of China being under more restrictions. But as China is starting to reopen, would you have to take marketing spend away from those other countries. You just mentioned you keep marketing spend at 16%. And so how would you square that circle if you were to increase marketing spend in China or in Asia. And then secondly, continuing on China, as we see the consumer recovery coming through in February, that assumes that the Chinese New Year was relatively subdued, but you had a relatively decent sell-in ahead of that period. Should we, therefore, expect a little bit of a destocking coming through in China over the next couple of quarters? And then finally, on the Jameson slide, you talked about the health of the Orange and Black Barrel brands. I remember when you started launching flavor brands in Jameson, there was some concern around the launch of flavors. You've not mentioned Cold Brew I was wondering whether Cold Brew is still performing as you had hoped or if there's any sort of concerns around some of your flavors in Jameson?