Falling sales in the North America and Argentina hit annual turnover at the Spanish wine and Cava producer, Codorniu. The company reported turnover for the 2001/2002 year of €196.5m, down 2.8% from the previous year.

The company said sales in North America and Argentina were down by €16m. While sales at the company's Argentinean operation fell by €11.1m, Codorniu said that its exports had increased by more than 80%.