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The French spirits group Rémy Cointreau had a turnover of 257 million euros, down 35% in the first quarter of 2023.
Rémy Cointreau has just completed a first quarter in line with expectations, with organic sales down 35%.
This drop in sales of more than a third is mainly due to a significant decrease in the level of Cognac’s stocks on the American continent, as well as to a further normalization of consumption. In addition, the company has strong growth in the rest of the world, especially in Asia.
Sales in the Cognac division fell 45% organically. Still organic, the Liqueurs & Spirits sector fell by 11%.
In contrast, in the Asia-Pacific (APAC) region, China recorded very strong growth, as did Southeast Asia. The Europe-Middle East-Africa (EMEA) region, for its part, shows double-digit growth, driven by all these regions.
Prospects for the future
For the year 2023-2024, the group maintained its stable revenue orientation, with a sharp decline in the United States, in contrast to a significant recovery over the rest of the year: “In 2023-24, Rémy Cointreau anticipates a strong normalization of consumption in the United States, although the trends will nevertheless remain significantly higher than in 2019-20,” said Rémy Cointreau in a statement.
“At the same time, the group anticipates strong growth in the rest of the world, driven by significant gains in China, a very good performance in EMEA and the rest of Asia, and activity similar to the levels observed in 2019-20 in travel retail“.
The group’s anticipated revenue for this year included a sharp decline in revenue in the first half and a recovery in growth in the following half, in the wake of a clear rebound in activity in the United States from the third quarter onwards.
In addition, the family group unveiled a new global marketing activation for its brand Rémy Martin, featuring American singer and performer Usher.
Read also >Rémy Cointreau records a record year
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The French spirits group Rémy Cointreau had a turnover of 257 million euros, down 35% in the first quarter of 2023.
Rémy Cointreau has just completed a first quarter in line with expectations, with organic sales down 35%.
This drop in sales of more than a third is mainly due to a significant decrease in the level of Cognac’s stocks on the American continent, as well as to a further normalization of consumption. In addition, the company has strong growth in the rest of the world, especially in Asia.
Sales in the Cognac division fell 45% organically. Still organic, the Liqueurs & Spirits sector fell by 11%.
In contrast, in the Asia-Pacific (APAC) region, China recorded very strong growth, as did Southeast Asia. The Europe-Middle East-Africa (EMEA) region, for its part, shows double-digit growth, driven by all these regions.
Prospects for the future
For the year 2023-2024, the group maintained its stable revenue orientation, with a sharp decline in the United States, in contrast to a significant recovery over the rest of the year: “In 2023-24, Rémy Cointreau anticipates a strong normalization of consumption in the United States, although the trends will nevertheless remain significantly higher than in 2019-20,” said Rémy Cointreau in a statement.
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The French spirits group Rémy Cointreau had a turnover of 257 million euros, down 35% in the first quarter of 2023.
Rémy Cointreau has just completed a first quarter in line with expectations, with organic sales down 35%.
This drop in sales of more than a third is mainly due to a significant decrease in the level of Cognac’s stocks on the American continent, as well as to a further normalization of consumption. In addition, the company has strong growth in the rest of the world, especially in Asia.
Sales in the Cognac division fell 45% organically. Still organic, the Liqueurs & Spirits sector fell by 11%.
In contrast, in the Asia-Pacific (APAC) region, China recorded very strong growth, as did Southeast Asia. The Europe-Middle East-Africa (EMEA) region, for its part, shows double-digit growth, driven by all these regions.
Prospects for the future
For the year 2023-2024, the group maintained its stable revenue orientation, with a sharp decline in the United States, in contrast to a significant recovery over the rest of the year: “In 2023-24, Rémy Cointreau anticipates a strong normalization of consumption in the United States, although the trends will nevertheless remain significantly higher than in 2019-20,” said Rémy Cointreau in a statement.
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