Laurent-Perrier Group saw sales volumes fall faster than the Champagne region’s average in its 2023-2024 year amid “geopolitical upheavals and economic uncertainties”.

The Reims-headquartered group saw sales fall 12.4% (it did not specify to what exact volume), while it said the global Champagne market recorded volume declines of 11.8% in the same period.

Group turnover, meanwhile, rose 0.5% to €303.5m ($329.07m), mainly thanks to price increases.

In its results, announced today (24 May), the company cited a “positive price/mix effect of +13.0% versus year N-1” as a key driver of its value performance.

In its half-year results, in November, the group said volume declines reflected a return to normal consumption levels. It said 2022 was a high basis for comparison following a “sharp rise” in Champagne consumption in the post-Covid period.

It follows the Comité Champagne’s insistence earlier this year that falling sales volumes were a sign of “stability”. It said “Champagne is back to pre-Covid shipment levels after three extraordinary years”.

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Last year, sales volumes dropped 8.2% last year to 299m bottles, the Comité said. Officials representing the Comité said sales by value were “above €6bn ($6.57bn)”.

Stéphane Dalyac, chairman of Laurent-Perrier Group’s management board, said the group’s success “relied” on the quality of its Champagne and strength of its brands.

“The Laurent-Perrier Group recorded further growth in its results in a market context that was down on the previous two years,” Dalyac said.

“The investments in support of our brands that we have been making for several years, and the quality of our Champagnes, have enabled us once again to achieve a significant price-mix effect and, for the second time, to report Champagne sales in excess of €300m.”

The Paris-listed group’s brands include Laurent-Perrier, Salon, Delamotte and Champagne de Castellane.

In the year to 31 March, operating profit grew 12% to €84.9m, while net profit grew 8.7% to €58.5m.

“In a time of geopolitical upheavals and economic uncertainties, the Laurent-Perrier Group is moving forward with vigilance but confidence,” it said.