By Matthew Dalton 



  PARIS--Pernod Ricard SA, the owner of Absolut Vodka and Jameson Whiskey, booked a 1 billion euro ($1.2 billion) impairment for its fiscal year as sales plunged with the shutdown of bars, events and airport liquor stores world-wide during the coronavirus pandemic. 


  Paris-based Pernod Ricard said the impairment was largely due to Absolut Vodka, which accounted for EUR702 million of the writedown net of taxes. That is because the Swedish brand relies heavily on airport liquor stores, which have seen sales plummet amid the collapse in air travel during the pandemic. 


  "We think there will be a prolonged downturn regarding travel retail," Alexandre Ricard, chief executive of Pernod Ricard, said in an interview. 


  The impairment helped push net profit for Pernod Ricard's fiscal year ending June 30 down 77% to EUR329 million. Absolut's sales were down 24% in the second half of Pernod's fiscal year, which coincides with the pandemic. The brand has been struggling for years in the U.S., because consumers have been favoring alcohols such as whiskey that are perceived to have a rounder flavor. 


  Overall revenue in the second half fell 26% to EUR3 billion. Spirits companies have benefited from consumers buying alcohol to drink at home during lockdowns. But that hasn't offset revenue lost in restaurants, bars, concerts and airports. 


  Sales of Jameson held up well during the pandemic. When bars across the U.S. were forced to shut in March, Pernod Ricard had been stocking up its distributors ahead of St. Patrick's day, the biggest consumption day for the Irish brand. 


  "Most accounts were asked to close the day before St. Patrick's day," Mr. Ricard said. "Despite that, Jameson is stable for the year." 


  Pernod Ricard bought back bottles from its distributors. It said sales of the brand to consumers in the U.S. through liquor stores were strong during the pandemic, stabilizing Jameson's global performance. 


  Write to Matthew Dalton at matthew.dalton@wsj.com.