FRANCE: Vranken-Pommery sales flat, reiterates FY targets
Vranken-Pommery Monopole has posted a flat set of sales figures for the first nine months of this year.
The Champagne house said today (24 October) that sales to the end of September were up by just 0.2% on the corresponding period a year earlier, hitting EUR142.8m (US$203m). The company noted, however, that, "due to the highly seasonal nature of the business", the first nine months of each year only account for around 50% of its full-year sales.
"Revenue for the first nine months was generally stable following two years of exceptionally strong growth," Vranken-Pommery said. "This reflects the fact that, having achieved critical mass, the group is now pursuing its strategy of creating value through selective growth."
In value terms, Champagne sales were up by around 1% to EUR129.2m. Sales generated by international Champagne brands rose by 6.3% for the period as the group moved to reduce sales of national brands in line with its strategy. In volume terms, however, sales declined "substantially", although the company said any shortfall will be absorbed in October.
Looking forward, the company said it is "pursuing its strategic focus on improving the product mix".
"As a result, and given its current order book and the prospects of strong late-year international demand for Champagne, the group is confirming its objective of approximately 6% full-year revenue growth at constant exchange rates."
The company will deliver its full-year sales results in January next year.
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