Q1 2021 Pernod Ricard SA Corporate Sales 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 : Just following up maybe on Sanjeet's questions about China. It sounds like that depletion level is -- you said it was in double digits, yet your sell-in was only about 4%. Could you give us an idea of your stock levels in China? Do you think that the stock levels are now going down because we understand that at the end of your full year 2020 your stock levels were back to normal levels? Are you now -- do you think your stock levels now are a bit lower than they would normally be? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 22, 2020 / 7:00AM, PERP.PA - Q1 2021 Pernod Ricard SA Corporate Sales Call Secondly, on Travel Retail, how -- what's the impact of Hainan Island? It's still very early for that channel to be open. Is it a very small part or is there bit more material, it's why your Travel Retail numbers are slightly better than perhaps people expected? And then finally, in the U.S., you've mentioned resilience in the off-trade as the on-trade returns. Would you expect that trend to continue if people continue to work from home in the sort of brave new world that we are starting to see? Or do you expect that to sort of die down as people return to the on-trade?

Question: Laurence Bruce Whyatt - Barclays Bank PLC, Research Division - Analyst : Just one follow-up on the Travel Retail. If you were shipping into Hainan island at the moment, can we assume that, that 64% in Travel Retail is then ahead of the depletions you're seeing?