FRANCE: Rémy set fair for full-year growth
Rémy Cointreau has posted its figures for the first nine months of its financial year.
The Champagne and spirits group said today (18 January) that turnover for the nine months to 31 December rose 2.2% to EUR610.5m (US$788.7m).
Rémy was particularly pleased with the performance of Rémy Martin Cognac, although partner brands were down considerably on the year earlier.
The group's Cognac division posted sales for the period of EUR263m, up 6.9% year-on-year. "Rémy Martin confirmed the good trend of its Fine Champagne Cognacs in their major markets, the US and Asia, with a top of the range product mix," Rémy said. "Russia continues to be Europe's main driver."
While Rémy's spirits and Champagne divisions both contributed growth - 3.1% and 6.5% respectively - Rémy saw sales of partner brands slump 16.4% to EUR76.8m.
"The Famous Grouse and The Macallan Scotch whiskies grew in the US as did California wines," the company noted. "The beginning of Imperia vodka distribution has not yet offset the cessation of the contracts for wine distribution."
The group concluded that it maintains its objective of double-digit organic growth in current profit for the full year.
Late last year, Rémy announced that it was pulling out of Maxxium, its global distribution venture with Beam Global Spirits & Wine, Edrington Group and V&S Group. The departure, scheduled for 2009, will cost Rémy EUR240m.
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