Rémy Cointreau’s Sales Slip In First Quarter, Despite Rémy Martin’s ProgressJuly 18, 2019
Rémy Cointreau’s total sales slipped 3% to €223.2 million ($250.3m) on an organic basis in the three months through June, marking the first quarter of the company’s fiscal year. The company’s core House of Rémy Martin enjoyed an increase, however, with sales up 5.5% to €161.1 million ($180.7m). Rémy noted that its flagship Cognac’s progress continued “despite the unfavorable impact of the phasing effects of price increases, particularly in the United States.”
The group’s quarterly decline was concentrated in its Liqueurs & Spirits division, down 2.6% to €55.3 million ($62m), and its partner brands, which dropped 66.6% to €6.7 million ($7.5m). Rémy Cointreau attributed those struggles to changes to its distribution network in Europe and the end of partner brand contracts in the Czech Republic, Slovakia, and the U.S. Earlier this month, Rémy Cointreau CEO Valerie Chapoulaud-Floquet announced she will step down at year-end after a five-year tenure.—Shane EnglishSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.