Rémy Cointreau confirms its annual targets after the first quarter was weighed down by the US

Posted Jul 25, 2023 7:31 am

PARIS (AGVI-DOW JONES) – Remy Cointreau Spirits Group on Tuesday reaffirmed its targets for the intervening fiscal year that will end at the end of March 2024 and reported a decline in its sales in the first quarter, due in particular to normalized consumption and lower inventory levels in the United States.

In the organic data, the group continues to expect stable profitability and turnover for the 2023-2024 fiscal year, in the context of “continuing strong normalization of consumption in the United States at a level that will remain well above 2019-2020,” Remy Cointreau said in a press release.

The group expects “a significant decline in turnover in the first half,” and then “a strong pickup in growth in the second half following a sharp pickup in activity in the US from the third quarter,” he said.

Rémy Cointreau also continues to forecast for the 2023-2024 fiscal year a negative impact of coins estimated between 50 million and 60 million euros on trading volume and between 10 million and 15 million euros on current operating profit (COI).

In the first quarter of the 2023-2024 financial year, Rémy Cointreau achieved a turnover of 257.5 million euros, down 37.2% year-on-year in published data, due to an “exceptionally high” comparison base in the first quarter of 2022-2023, the group’s “desire to sharply reduce its cognac stocks in the United States” and the “continued normalization of consumption” in this country.

In fixed range and exchange rates, sales are down 35% in one year.

According to the consensus reached by FactSet, analysts expected an average turnover of €246 million. Rémy Cointreau was aiming for a decline of about 30% to 40% in its turnover in the first quarter.

In detail, the Cognac division’s turnover over one year decreased by 46.9% on published data and by 44.7% on an organic basis, to €155.1 million. Liquor and Spirits division revenue decreased year-on-year by 13.5% on a reported basis and by 11.4% on an organic basis, to €95 million. Partner brands saw their sales over one year fall by 5.4% in published data and 4.6% in organic data, to €7.5m.

– Alice Doree, Agfi Dow Jones; +33 (0) 1 41 27 47 90; [email protected] ed: VLV

Financial data Remy Quintro:


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July 25, 2023 01:31 a.m. ET (05:31 GMT)

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