BUZZ — Pernod Ricard shares rally as Q1 sales fall less than feared

* Pernod Ricard shares rise around 3% after the French wine and spirits maker reported Q1 organic sales that beat expectations and reiterated its FY outlook * Q1 organic sales fell 0.9%, ahead of a company-compiled consensus forecast for a 1.7% decline, with reported sales of €2.23 billion ($2.50 billion) * J.P. Morgan says better-than-feared U.S. performance and signs of improving consumer demand in China offset weakness in Europe where Germany and Poland continue to struggle * "Good enough," Jefferies says, noting the results should increase confidence that the company has moved past its earnings downgrade cycle * Including today's gains, Pernod Ricard shares are up around 16% in October, following LVMH's results as well as the company's own earnings update — LSEG data ($1 = 0.8923 euros) (Reporting by Jakob Van Calster) ((jakob.vancalster@thomsonreuters.com)