Remy Results Boosted By Strong U.S. PerformanceJune 9, 2016
Rémy Cointreau posted a 0.3% organic sales increase to €1.1 billion ($1.24b) for its full fiscal year through March, with Cognac growth in the U.S. offsetting struggles in other markets. Operating profit rose 6% on an organic basis to €178 million ($201m).
Progress was driven by Rémy Cointreau’s flagship Rémy Martin Cognac, which after two years of decline was up 3.2% organically, thanks in part to a surging demand for dark spirits in the U.S. and an increase in its upscale 1738 Accord Royal offering. The group’s Liqueurs & Spirits portfolio—which includes the Cointreau, Metaxa, Mount Gay and Octomore brands, among others—was down 1.5%, however, hampered by challenging economic conditions in Greece and Russia.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.