French beverage company Pernod Ricard says sales for the most recent quarter grew 11 percent, driven by slowing but still strong demand in emerging markets, The Associated Press reported.

The company behind Beefeater gin and Mumm champagne said Thursday, Oct 25, that it brought in €2.2 bilion ($2.9 billion) in revenue in its first quarter, which ended Sept 30.

Sales in its home market of France continued to decline and Europe was flat, but Asia and the Americas picked up the slack. The U.S. alone recorded double-digit growth as early holiday orders picked up, and sales in Asia, Africa and the Middle East rose 20 percent.

Still, the company warned that the global financial crisis is having an effect, noting that growth in Asia was beginning to slow.

Unlike most companies, Pernod Ricard's fiscal year ends June 30.