FRANCE: Remy Cointreau rides Cognac wave in H1
Rémy Cointreau upbeat on Cognac momentum
Rémy Cointreau has reported a strong rise in half-year sales and has said that it will continue to shift its focus to high-end spirits in the face of global economic uncertainty.
Rémy Cointreau's net sales rose by 10% for the six months to the end of June, to EUR474.9m (US$650.7m), it said today (20 October). Asia's thirst for higher-end Rémy Martin Cognac continued to spearhead growth for the French firm, but it also reported resurgent sales in Russia and renewed growth for premium spirits in the US.
The group said that it expects demand for high-end drinks to continue in many of its markets. "In the uncertain economic environment, particularly in Europe, the group continues to implement an aggressive strategy of moving upmarket, focusing on brand building through targeted investment and innovation," it said.
Rémy added that it is "confident in its capacity to improve earnings". Rémy Martin sales rose by 17% for the half-year, versus volume growth of 9%, indicating strong margin gains.
Elsewhere in the group's business, Cointreau and Mount Gay rum sales, particularly in the US, helped the spirits and liqueurs division to increase half-year sales by 3%, to EUR103m. The firm's partner brands unit, which includes distribution of Piper-Heidsieck and Charles Heidsieck Champagne, saw sales rise by 3.5% to EUR94.5m.
In the second quarter of the year, Rémy's total sales rose by 7.3% to EUR276.3m, with Cognac sales up 13% to EUR165.4m.
For the company's announcement, click here.
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