Pernod sees better conditions in market

Pernod Ricard SA, the world's second-largest distiller, said the Chinese market is improving after its sales slumped 23 percent in the nation's last fiscal year, and it plans to cut 900 jobs to reduce costs.

"The flavor of the start of this year seems better" in China, Chief Executive Officer Pierre Pringuet said on Thursday in a phone interview. He also outlined plans to eliminate about 5 percent of the Paris-based distiller's staff as it seeks to generate 150 million euros ($198 million) of savings through 2017.

Pernod reported an 8 percent drop in earnings during the year ended on June 30 as currency fluctuations and China's crackdown on lavish spending by government officials weighed on revenue from Asia, where it gets more than one-third of its total sales. Pringuet said the Chinese market improved in the three months through June.