• Nine-month net sales fall 9.5% to EUR356.7m (US$444.7m)
  • YTD sales in France down 6% to EUR161.5m
  • Group Q3 sales drop 14.1% EUR120.3m 
Belvedere said it will reveal a new strategy next month

Belvedere said it will reveal a new strategy next month

Belvédère has seen its year-to-date sales slide as a tough third-quarter hampered the group's progress. 

The Southern France-based wine and spirits firm reported that group net sales in the nine months to the end of September fell by 9.5% to EUR356.7m (US$444.7m). Sales in Q3 were down 14.1% to EUR120.3m, compared to a 11.2% drop in Q2.

Neither profits nor group volumes were disclosed in the update.

The group said the slide in year-to-date sales was “expected”, blaming “a global fall in the wines and spirits market” and its “proactive strategy aimed at maintaining margins”.

In its domestic unit, nine-month sales fell 6% to EUR161.5m, partly due to a drop in exports and a focus on “high-margin activities”, Belvédère said. Volumes of its William Peel and Sobieski brands in France both rose in the period, up 2% and 7.6% respectively.

In Poland, the group's second biggest market, nine-month sales fell by 9.9% to EUR141.4m. “Intense” promotional activity by its competitors was partly to blame, Belvédère said.

Looking ahead, the company said it plans to launch a new “strategic plan” next month. “The aim is to ... fully capitalise on the potential of our emblematic brands,” said CEO Jean-Noël Reynaud. 

Last month, one of Belvédère's main shareholders, Moroccan group Diana Holding, said it was looking to take control of the French firm. In July, Belvédère saw its chairman and former CEO, Krzysztof Trylinski, quit the group.