FRANCE: Remy Cointreau sales slip
Net revenue fell to EUR604.5m (US$789m) for the nine-month period ended 31 December, the firm said today (22 January). Organic revenue rose by 0.9%.
The figure reflecta a double-digit decline for Remy's partner brands and a 6.5% decrease in Champagne sales, particularly in the US, the firm said.
Operating profit for the full-year is likely to fall 15%, Remy said, due to restructuring and costs associated with the group's planned exit from the Maxxium distribution venture at the end of March.
Remy has repeatedly labelled its current financial year a "transition period". It promised today to press ahead with plans to raise prices in order to position itself higher in the market and said that it was satisfied with its nine-month results, against an "exceptional economic background".
Cognac provided better news for the firm, with revenue creeping up by 0.7% to EUR271m. Organic Cognac sales rose by 4.2% as growth in China and in the travel retail sector offset a slowdown in the US. Russian sales suffered "due to wholesalers' lack of cash", the group added.
Shrinking demand for Champagne in the economic downturn has seen Rémy Cointreau report net sales down 7.5% for the first three months of its fiscal year....
UK distributor First Drinks is to promote Mount Gay rum at this year's Cowes Week sailing regatta on the Isle of Wight....
French spirits body Fédération Française des Spiritueux has named Jean-Pierre Lacarrière as its new president....
The Edrington Group has reported a 44% rise in net sales and a 30% leap in pre-tax profits for its fiscal full-year....
The Michael Mondavi-owned Folio Fine Wine Partners has struck a deal to be the exclusive US importer for all Masi Agricola wines effective 1 July 2009....
Champagnes Piper-Heidsieck & Charles Heidsieck, owned by Remy Cointreau, will sponsor the Concours International des Jeunes Sommeliers for the next three years....
Pernod Ricard has announced that its senior vice-president for trade relations in the US, Chuck Smith, is to retire....
Piper-Heidsieck Champagne, part of the Remy Cointreau portfolio distributed in the UK by First Drinks, is looking to profit from an association with this year's Henley Regatta....
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