FRANCE: Rémy Cointreau’s FY net sales rise
- FY net sales rise by 12% to EUR908.1m (US$1.33bn)
- Excluding Champagne, sales climb by 13% to EUR804.5m
- Cognac sales dip in the fourth quarter
Rémy Cointreau's net sales up by 12% for the full-year
Rémy Cointreau survived a dip in Cognac sales in its fiscal fourth quarter to report a strong rise in net sales for its latest full-year.
Net sales rose by 12% for the 12 months to the end of March, to EUR908.1m (US$1.33bn), Rémy Cointreau said today (21 April). Excluding currency gains, sales rose by around 6% on the previous year.
Cognac again fuelled the French group's performance, with sales up by 20% for the year, to EUR486m. However, Cognac sales stumbled in the fourth quarter, dipping by 0.2%, as the group struggled to match tough comparative figures in China for the previous year.
More positively, the Rémy Martin producer echoed Moet Hennessy in reporting improved demand for Cognac in the US, where it said that the "sales development was favourable for very superior Cognac".
Rémy will not release full results for the year until 9 June, but it reported "sound growth in current operating profit", excluding one-off charges. It also expects to report a "significant improvement" in its net debt to EBITDA ratio.
The group did not comment on the impending sale of its Champagne business, including Piper-Heidsieck and Charles Heidsieck brands. At the end of February, the firm entered exclusive talks with France's Societe Europeenne de Participations Industrielles (EPI).
The Champagne business reported net sales up by 7% for the year, to EUR103.6m. Excluding this business, Rémy's net sales would have totaled EUR804.5m.
Greek spirit Metaxa continued to blight the company's spirits and liqueurs business, which only managed to increase sales by 0.7% due to currency gains. On an organic basis, the division saw sales fall by 3.7%, despite growth for Mount Gay rum and Cointreau.
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