Summary of Q323 sales A relatively weak quarter for Pernod Ricard with Q3 LFL sales declining by -2.2%, materially below co. consensus (+0.5%). The weakness was principally attributable to: i) inventory adjustments in China following a soft festive season and ii) the US (9M -1% vs. H1 +5%) which was impacted by phasing (depletions were more resilient). News We highlight that Pernod Ricard has seen dynamic sell-out in China in March and thus expects a very strong Q4 in China (this is also the case for the group as a whole). Earnings We revise our FY23e/FY24e/FY25e EPS by c.+1-2%. Investment thesis We see attraction in Pernod Ricard as being a relatively inexpensive way in which to get exposure to the structurally attractive spirits industry. Rating and target price We maintain our Outperform rating. Our target price moves from EUR231 to EUR250, with the increment being principally driven by an increase in target multiple (reflecting recent sector/market re-rating). 15 questions for management Given the easy comparative period and strong sell-out trends, should Chinese sales be spectacularly strong in Q423?