The spirits giant enters the new fiscal year under pressure from inventory adjustments in the United States and persistent destocking in China. JPMorgan analysts anticipate sharp year-on-year sales drops in both regions, citing a muted consumer environment that shows little sign of immediate recovery. European demand is expected to remain similarly soft, mirroring the broader industry downturn that has also impacted competitors like Diageo.

Despite the overarching slump, investors are monitoring one specific segment for resilience: ready-to-drink premixed cocktails. These products, including pre-packaged Beefeater gin and tonics and Jameson mixers, grew by 12% last year. While the core portfolio contends with shifting drinking habits, the performance of this category will serve as a key indicator of whether the company can offset broader market weakness through its convenience-focused offerings.