Remy Martin shines as Remy Cointreau hails "excellent" Q1 - trading update

Remy Cointreau has posted an 8% lift in its first-quarter sales, in what the group has described as an "excellent start to the year".

In a sales update earlier today, Remy said that sales in the three months to the end of June totalled EUR240.2m (US$276.9m). In reported terms, the top-line was up 9.9%, thanks in part to January's purchases of Westland and Domaine des Hautes Glaces, and currency fluctuations.

The group highlighted a "remarkable" performance of its Remy Martin Cognac brand, while also flagging Asia Pacific as doing very well in the period. The 'House of Remy Martin' division posted a near-19% increase in sales, thanks to the "continuation of highly-favourable trends in Continental China and an improved environment in Macao, Hong Kong and Japan".

The shift of the Passoa brand to a new JV with Lucas Bols last year hit sales from Remy's liqueurs & spirits reporting unit, which was down by just under 2%. Stripping out Passoa, however, and the division was up 7%. Finally, the Partner Brands unit was down 18.5% on the back of the termination of Remy's distribution of the Piper Heidsieck and Charles Heidsieck Champagne brands in EMEA and Travel Retail. Remy sold the two brands to Societe Europeenne de Participations Industrielles in 2011.

Looking forward, Remy said it expects to post operating profits growth in fiscal-2018.

Following the release of the sales figures, Remy's share price opened up this morning, at EUR106.45, versus yesterday's close at EUR103.70

To read Remy Cointreau's quarterly trading update, click here.

Remy Cointreau 2013-2017 - results data

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