Moët Hennessy’s Sales Down 12% In Q1 On Tough Comp

Moët Hennessy posted sales down 12% to €1.4 billion ($1.5b) for its fiscal first quarter, as both its Champagne and Cognac divisions continue to be impacted by destocking. The company’s Champagnes & Wines unit saw sales slip 8% for the quarter on a tough comparison against the prior year, with the decline in Champagne also “reflecting the normalization of post-Covid demand,” the luxury group said.

Within the Cognac & Spirits division, sales were down 16% in the first three months of the year. “Hennessy Cognac was once again hampered by a cautious attitude among retailers, which limited their orders in an environment that remained uncertain in the United States,” according to the company.

Still, Moët Hennessy noted that depletions in its U.S. business have been improving and were roughly flat for the quarter, running ahead of shipments. According to Impact Databank, Hennessy Cognac decreased 15% to 3.15 million cases in the U.S. last year, while Champagne leader Veuve Clicquot slipped 8% to 608,000 cases and Moët & Chandon fell 20% to 388,000 cases.—Daniel Marsteller

Tagged : Hennessy, Moet & Chandon, Moet Hennessy, Veuve Clicquot

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