Q3 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 : Three from me, if that's okay. Firstly, on China, it looks like an extraordinarily positive performance. Just wondering, previously, you said you didn't think you'd get much benefit from the later Chinese New Year, and you thought you'd get all that benefit last quarter. Just wondering if anything changed there and whether anything came through in the more recent quarter to potentially boost those Chinese figures. I think it looks on my numbers to be potentially north of 200% growth in China in the quarter. I was wondering if you got -- if you think that was an underlying improvement in the Chinese market or if there was a little bit of a boost from Chinese New Year in the quarter. Secondly, with the U.S. performance being pretty strong in the off-trade, just wondering how much boost you think came from the government stimulus packages or whether they're do you think that's much more of an underlying growth in the U.S. consumer? And finally, on Travel Retail, now we're starting to comp the travel retail losses, particularly in Asia. Just wondering whether that is cannibalizing the off-trade sales in Asia and your experience, particularly in China, if you can comment on travel retail versus off-trade in the markets where we're starting to comp the COVID issues?