Chivas Brothers, the Scotch whisky business of Pernod Ricard, has announced its first-half (July 2023 – December 2023) financial results with organic net sales down 6% “against a high comparison basis.”

Chivas said the performance “reinforces the resilience of its long-term premiumisation strategy, with consumers continuing to seek out prestige brands and experiences.”

The firm said its luxury whisky Royal Salute enjoyed a rise of 8% in organic net sales during the reported period.

However, Chivas Regal global sales fell 7%, Ballantine’s global sales were down 8%, and The Glenlivet global sales fell 5%.

Chivas Brothers is the world’s No.2 Scotch whisky producer and the group has a 1,800-strong team across Scotland.

“The company attributes its performance to market and inventory normalisation following two years of outstanding growth,” said Chivas Brothers.

“Chivas Brothers continues to outperform the market over the same period, owing to its world-class whisky portfolio and broad and balanced global footprint.

“With a +11% CAGR since H1 FY21, Chivas Brothers also demonstrates a strong and stable growth trajectory despite significant global market fluctuations.

“The business’ H1 FY24 performance, driven by a high price/mix effect, reinforces the resilience of its long-term premiumisation strategy, with consumers continuing to seek out prestige brands and experiences.”

Chivas Brothers chairman and CEO Jean-Etienne Gourgues said: “Our H1 FY24 performance paints a clear picture of whisky market normalisation while also demonstrating the positive impact of strategic business decisions made in line with our premiumisation strategy.

“Whisky is a long-term game: we remain focused on our ambition to open up to new markets and consumers through product innovations and brand experiences.”