FRANCE: Rémy Cointreau Cognac volumes "more modest" as FY sales surge
- FY group sales rise by 16.3%
- Group sales in three months to end of March up by 11.6%
- Remy Martin Cognac volumes growth “more modest”
- US, Asia maintain double-digit Cognac sales growth
Rémy Cointreau posted its FY results today
Rémy Cointreau has posted another double-digit sales increase in full-year sales despite admitting to “more modest” growth for its Cognac division.
The Paris-headquartered spirits and Champagne group said today (18 April) that sales for the 12 months to the end of March came in up 16.3%, at EUR1.19bn (US$1.55bn). Sales in Q4 speeded up to 11.6%, after mid-single digit rises in Q2 and Q3.
The results were a continuation of strong sales for Remy over the past few years. Last year, the company posted a 13% FY sales jump, while in 2011 sales climbed by 12%.
In Remy's core Cognac category, FY sales also remained buoyant, up by 21.5%. However, the company admitted that volumes growth was “more modest” this year, and the group’s “ongoing policy of moving upmarket, the pricing policy, combined with high quality innovation” had helped keep sales figures high.
The volumes slowdown is in line with analyst warnings last month that Remy would suffer from the same international spirits bump in China that has also affected Pernod Ricard.
Remy said that in Europe/Africa, Cognac growth was driven by Russia and Western Europe, particularly in the UK.
Jean-Marie Laborde, Remy's CEO, said: "Our results were driven by the move upmarket of the entire brand portfolio, innovations supported by targeted investment and the expertise of our worldwide distribution network.”
Remy said a 7.6% full-year sales increase in its partner brands was mainly driven by its Scotch whiskies in the US. The relaunch of Charles Heidsieck champagnes “met a positive welcome in the markets”, it added.
Investors responded well to Remy's results, with shares up by 3% in morning trading. The jump follows a share price decline that started in February.
To read the company's official statement, click here.
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