Moët Hennessy Up 3% In Q1, As Champagne Growth Offsets Cognac Slowdown

Moët Hennessy saw sales climb 3% to €1.7 billion ($1.9b) in its first quarter ended in March, as the luxury giant’s Champagne brands continued to propel growth, partially offset by lower volumes for Hennessy Cognac, blamed on high inventory levels and softer U.S. conditions.

Strong demand for Champagne brands like Veuve Clicquot and Moët & Chandon led a 14% revenue increase in the company’s Champagnes & Wines unit. The Champagnes & Wines division also benefited from growth of Chateau d’Esclans, as well as a “healthy start” for Chandon’s Garden Spritz. Moët Hennessy also recently added Provence’s Minuty to its portfolio, taking a majority stake in the rosé producer.

The company’s Cognac & Spirits unit slipped 5% in the first quarter, as Hennessy came up against high distributor stock levels in the U.S., where the group also noted a softer economic environment. Elsewhere in the spirits portfolio, Belvedere vodka and Glenmorangie single malt Scotch saw “solid momentum” during the three-month period.

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